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Fitch revises RSA outlook to stable
Fitch Ratings said it revised its outlook for RSA Security, LLC to stable from negative. The agency also affirmed the first-lien senior secured credit facility at B/RR3 and the second-lien senior secured credit facility at CCC/RR6.
Concurrently, Fitch said it affirmed the B- long-term issuer default ratings for the following entities: Redstone Buyer LLC, Redstone Holdco 2 LP, Redstone Intermediate (FRI) Holdco LLC, Redstone Intermediate (NetWitness) Holdco LLC, Redstone Intermediate (SecurID) Holdco LLC, and Redstone Parent LP. These entities collectively operate as RSA Security. Fitch withdrew the rating of Redstone Intermediate (Archer) Holdco LLC because it was divested.
“The rating outlook reflects the added liquidity and reduced debt from the divestiture of Archer despite the continuing operating challenges experienced by the remaining three business units. While Fitch forecasts a modest continued decline in revenue through the forecast period, Fitch estimates the company will have sufficient liquidity supported by its cash on balance sheet and a $175 million undrawn revolver,” the agency said in a press release.
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