Moody’s downgrades TiVo

Moody's Investors Service said it downgraded TiVo Corp.'s corporate family rating to B1 from Ba3 and probability of default rating to B1-PD from Ba3-PD.

Moody's also downgraded Rovi Solutions Corp.'s senior secured term loan rating from Ba2 to Ba3.

The outlook remains stable.

The agency said the downgrade reflects the increased debt to EBITDA at about 6.5x (Moody's adjusted) at year-end 2018 from 4.4x at year-end 2017, and the uncertainty resulting from the longer than expected strategic review process.

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