Moody's trims RSA Security

Moody's Investors Service downgraded Redstone Buyer LLC's (RSA Security) ratings including the corporate family rating to B3 from B2, the first-lien debt to B2 from B1 and the second-lien debt to Caa2 from Caa1.

“The downgrade was driven by recent performance declines, ongoing challenges related to separating from Dell, setting up as a stand-alone company and restructuring operations,” the agency said in a press release.

“Although some year-over-year declines were expected in fiscal 1st half 2022 (six months ended July 31, 2021) due to the unusually strong prior year periods, overall revenues declined 26%, well in excess of plan. While one-time work-from-home related SecureID sales in the prior-year period were not anticipated to be replicated, revenues were significantly below expected levels,” Moody’s said.

The outlook is stable.

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