Research Update: Riverbed Parent Inc. Upgraded To 'CCC+' From 'SD' Following Completed Debt Restructuring, Outlook Negative

We have reassessed U.S.-based network performance software solutions provider Riverbed Parent Inc.'s credit profile following the completion of its debt restructuring, which we viewed as a selective default (SD). Although the company's debt maturity profile has improved following the transaction, its leverage remains very high and it must still address certain debt maturities by April 2022. We are raising our issuer credit rating on Riverbed to 'CCC+' from 'SD' and our issue-level rating on its existing first-lien term loan due April 2022 to 'B-' from 'D', based on a revised recovery rating of '2' (70%-90%: rounded estimate: 80%). At the same time, we are assigning our '2' (70%-90%: rounded estimate: 80%) recovery rating and 'B-' issue level rating to the

...- We have reassessed U.S.-based network performance software solutions provider Riverbed Parent Inc.'s credit profile following the completion of its debt restructuring, which we viewed as a selective default (##). Although the company's debt maturity profile has improved following the transaction, its leverage remains very high and it must still address certain debt maturities by April 2022. - We are raising our issuer credit rating on Riverbed to '###+' from '##' and our issue-level rating on its existing first-lien term loan due April 2022 to 'B-' from 'D', based on a revised recovery rating of '2' (70%-90%: rounded estimate: 80%). - At the same time, we are assigning our '2' (70%-90%: rounded estimate: 80%) recovery rating and 'B-' issue level rating to the $1.07 billion extended tranche of Riverbed's the first-lien loan due December 2025 . - We are also raising our issue-level rating on the company's senior unsecured notes to '###-' from 'D'. Our '6' recovery rating on the notes remains...

Research Update