Fitch views DCert Buyer negatively

Fitch Ratings said it changed the outlook to negative from stable and affirmed DCert Buyer, Inc.'s long-term issuer default rating at B. The agency also affirmed the company's $135 million undrawn first-lien secured revolver and $2 billion first-lien term loan at BB-/RR2 and $496 million second-lien term loan at CCC+/RR6.

Additionally, Fitch said it assigned a first-time B long-term IDR to DCert Parent, LLC with a negative outlook.

“The negative outlook reflects weakening credit protection metrics and operating profile pressures. Fitch expects leverage for the company will remain elevated for longer than previously anticipated.

“The ratings reflect DCert's resilient business model and dominant position within the public key infrastructure (PKI) and certificate authority (CA) markets. These markets enable continuing growth of digitalization of information, supporting growth in use cases and internet traffic,” Fitch said in a press release.

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