S&P boosts Tenable

S&P said it raised its ratings for Tenable Holdings Inc. and its first-lien term loan to BB- from B+. The 3 recovery rating on the notes is unchanged.

“The company has expanded its EBITDA margins considerably year-to-date in 2023, mostly due to its improving operating efficiency stemming from its increasing scale and focus on prudent cost controls. Tenable's S&P Global Ratings-adjusted EBITDA margin was about 14.9% for the 12 months ended Sept. 30, 2023, which represents a more than 400 basis point (bps) increase from its average margin of about 10.6% over the last three fiscal years,” the agency said in a press release.

S&P added, “The company's S&P Global Ratings-adjusted leverage was about 3.6x for the 12 months ended Sept. 30, 2023, which represents a remarkable improvement from 5.8x and 6.9x as of the end of 2022 and 2021, respectively.”

The outlook is stable.

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