...- We now anticipate that Optiv Inc. will generate positive free cash flow in 2020, driven by better-than-expected security services and technology bookings. Reported free cash flow to debt is likely to improve to about 2% in fiscals 2020 and 2021. We also view the risk of another distressed exchange to be lower, due to improved pricing for Optiv's debt. - We are raising our rating on Optiv to '###+' from '###'. - Simultaneously, we are also raising our issue-level rating on Optiv's first-lien debt to '###+' from '###' and its second-lien debt to '###-' from '##'. - The stable outlook reflects our view that despite elevated leverage, Optiv's improving backlog and bookings will result in modest revenue growth and positive free cash flow generation over the next 12 months. SAN FRANCISCO (S&P Global Ratings) Dec. 7, 2020--S&P Global Ratings today took the above rating actions. The rating action is underpinned by our improving outlook for Optiv, with free cash flow to debt improving to the mid-2%...
