Moody's: Shield HoldCo view negative

Moody's Investors Service said it changed the outlook on the B2 corporate family rating of Shield HoldCo Ltd. to negative from stable.

Concurrently, Moody's changed the outlook on the B3-PD probability of default rating, as well as on the B2 ratings of the revolving credit facility, term loan A and term loan B raised by Shield Finance Co Sarl to negative from stable.

In addition, Moody's affirmed these ratings.

"The change of outlook to negative from stable reflects Sophos's weaker-than-expected operating performance in the past couple of quarters, which coupled with restructuring costs and one-off items resulted in weak free cash flow generated through to Q3 2012/13," Moody's assistant vice president and lead analyst for Sophos Sebastien Cieniewski said in a news release.

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