Riverbed Parent Inc. announced that it has entered into a restructuring support agreement (RSA) with its equity sponsors and an ad hoc group of lenders around a comprehensive financial restructuring that would allow it to reduce its funded secured debt by over $1 billion and also provide a $100 million cash infusion. In our view, with prospects of a conventional default mounting and considering that the consideration proposed to debtholders under this proposed RSA agreement differs from and represents less than what was initially promised on the securities, we would likely consider a consummated transaction as distressed and at a minimum tantamount to a default under our criteria. Therefore, we lowered our issuer credit rating on Riverbed to 'CC' from
