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S&P downgrades DigiCert
S&P said it lowered its corporate credit rating on DigiCert Parent Inc. to B- from B.
The outlook is stable.
At the same time, the agency lowered the issue-level rating on DigiCert's revolving credit facility and first-lien term loan to B from B+. The 2 recovery rating is unchanged, indicating an expectation for substantial (70%-90%; rounded estimate of 70%) recovery in the event of a payment default.
The agency also lowered its issue-level rating on the company's second-lien term loan to CCC from CCC+. The 6 recovery rating is unchanged, indicating an expectation for negligible (0%-10%; rounded estimate: 5%) recovery.
S&P said the action is driven by DigiCert's recent financial performance, which is below the agency’s previous base-case assumption, and reflects a view that leverage will now stay above the mid-7x area over the next two years as the company integrates the Symantec acquisition.
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