Moody’s upgrades Optiv

Moody's Investors Service said it upgraded Optiv Inc.'s corporate family rating to B3 from Caa1 and probability of default rating to B3-PD from Caa1-PD.

Concurrently, Moody's upgraded the company's first-lien senior secured term loan to B3 from Caa1 and second-lien senior secured term loan to Caa2 from Caa3.

The outlook is stable.

“The upgrade reflects Optiv's improving performance and credit metrics and Moody's expectation of continued growth in security products and security services revenue and EBITDA,” the agency said in a news release.

“Gross revenue grew 13% in 2021 and leverage excluding certain one-time costs improved to around 7x from around 9x in 2019. Free cash flow (FCF) has been positive for the last fe years.”

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