EagleView Technology LLC executed a debt exchange at par that reduced its cash interest burden and improved its liquidity position. As part of the transaction, EagleView Technology Corp. was converted to an LLC and we subsequently withdrew our ratings on this entity. We believe EagleView?s new capital structure is unsustainable due to our expectation for very high leverage, negligible free operating cash flow (FOCF), and weak interest coverage. As a result, we assigned our ?CCC+? issuer credit rating to EagleView Technology LLC. We also assigned our ?B-? issue-level rating to the first-lien term loan with a recovery rating of ?2? (rounded estimate: 80%). The stable outlook reflects our view that, although we see EagleView?s capital structure as unsustainable in the
