Ivanti Software Inc. recently completed a debt restructuring, including a comprehensive maturity extension, that S&P Global Ratings views as a distressed debt transaction. Absent the transaction, we project the company would have faced material near-term liquidity challenges. In light of the transaction, we lowered our issuer credit rating on Ivanti to 'SD' (selective default) from 'CCC+' and our issue-level ratings on its original first- and second-lien term loans to 'D' from 'CCC+' and 'CCC-', respectively. The rating will remain 'SD' until the company closes the offer to lenders, and we will reevaluate our ratings on Ivanti and its capital structure as soon as practical. The downgrade follows Ivanti's execution of a debt restructuring. As part of the transaction, the company
