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Moody’s assigns Cloudera, loan Ba3
Moody’s Investors Service said it assigned Cloudera, Inc. a Ba3 corporate family rating and a Ba3-PD probability of default rating. Concurrently, Moody’s assigned a Ba3 rating to Cloudera’s proposed $500 million term loan B.
“Cloudera’s Ba3 CFR reflects the company’s leading position within the unstructured data management and analytics software market where Cloudera’s product can be deployed on premises, within public or private clouds, data centers or in a hybrid model,” the agency said in a press release.
Proceeds are expected to be added to the company’s balance sheet and used to repurchase $500 million of outstanding Cloudera shares.
The outlook is stable. The outlook reflects Moody’s forecast Cloudera will grow revenues organically in the high single-digit percent range and maintain cash adjusted leverage levels at or below 4x over time, the agency said.
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