...- Magenta Buyer LLC's (d/b/a Trellix and Skyhigh Security) fiscal year 2023 has been challenging due to declines in both its recurring and non-recurring revenues. Although we expect Magenta will improve its profitability in fiscal year 2024 due to the benefits from its restructuring actions, its elevated interest expense and the continued decline in its non-recurring revenue increases the risk it will generate negative free operating cash flow (FOCF) for the year. - Therefore, we lowered our issuer credit rating on Magenta to '###+' from 'B-', our issue-level rating on its first-lien credit facility to '###+' from 'B-', and our issue-level rating on its second-lien term loan to '###-' from '###'. Our '3' recovery rating on the first-lien facility and '6' recovery rating on the second-lien loan are unchanged. - The stable outlook reflects our view that, despite its negative FOCF generation in 2023, the company maintains adequate liquidity and full access to its revolving credit facility....
