S&P ups DigiCert, rates facilities

S&P said it assigned the B corporate credit rating to DigiCert Parent Inc. and the B+ issue-level rating to its proposed $90 million revolving credit facility due 2022 and $1.2 billion first-lien term loan due 2023. The 2 recovery rating indicates an expectation for substantial (70%-90%; rounded estimate of 75%) recovery in the event of a payment default.

The outlook is stable.

The agency assigned the CCC+ issue-level rating to the company's proposed $300 million second-lien term loan due 2024. The 6 recovery indicates an expectation for negligible (0%-10%; rounded estimate of 5%) recovery in the event of a payment default.

S&P raised the corporate credit rating on DigiCert Inc. to B from B-, aligned it with the corporate credit rating on DigiCert Parent Inc., and removed the corporate credit rating and the issue-level ratings on the company's existing debt from CreditWatch.

"The rating on DigiCert Parent Inc. reflects our view of such factors as its increased scale following the Symantec Web Security acquisition, a strong position in the high assurance certificate space, and highly recurring revenues," S&P credit analyst Minesh Shilotri said in a news release.

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