...- Revenue transition headwinds continue to pressure Ivanti Software Inc.'s financial performance, resulting in a decline in revenue and cash burn in the first half of fiscal 2024. - We expect these challenges to persist for several more quarters, resulting in continued revenue decline and cash burn in fiscal years 2024 and into 2025. With a low cash balance of about $10 million and anticipated cash burn, the company will remain heavily reliant on its revolving credit facility (expiring December 2025) for liquidity. - Therefore, we revised our outlook on Ivanti to negative from stable, reflecting the anticipated deterioration in its financial performance and liquidity. - At the same time, we affirmed our existing 'B-' rating on Ivanti, as well as all our existing issue-level and recovery ratings, because we anticipate its financial performance will improve by the second half of 2025. - The negative outlook reflects our view that we could lower our rating on Ivanti over the next 12 months...
