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Moody's rates Websense loans Ba3, Caa1
Moody's Investors Service said it assigned a B2 corporate family rating and B2-PD probability of default rating to Websense, Inc. and Ba3 and Caa1 ratings to the company's first- and second-lien debt, respectively.
The funds will be used to finance the buyout of Websense by private equity group, Vista Equity Partners.
The outlook is stable.
Moody's said the B2 rating reflects Websense's high pro forma leverage as a result of the buyout , the constantly evolving nature of the security software industry and the challenges the company faces in reversing declining profitability and flat revenues.
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