Riverbed Parent Inc., a network performance software solutions provider, has reported two consecutive quarters of weak product sales. We are affirming our 'B' corporate credit rating on the company and revising our outlook to negative from stable. The negative outlook reflects an increase in leverage to the low-7x area and the risk that Riverbed's core wide area network (WAN) optimization business could experience sustained operating weakness. On May 11, 2017, S&P Global Ratings affirmed its 'B' corporate credit rating on San Francisco-based Riverbed Parent Inc. and revised its outlook to negative from stable. We also affirmed the existing issue level ratings of 'B+' on the first lien credit facility based on a '2' recovery (70%-90%; rounded estimate: 70%) and 'CCC+'
