Since S&P Global Ratings' Dec. 14 bulletin affirming the breach of SolarWinds Holdings Inc.'s Orion product, new information has come out that suggests a growing impact from this cyberattack. While the full extent of the breach is still being uncovered, this is a significant event that has the potential to seriously harm several companies and organizations. Although SolarWinds has provided patches to address the vulnerability, we expect continued negative news will impair SolarWinds' ability to sell its network monitoring software. We are placing our 'B+' issuer credit rating on SolarWinds on CreditWatch with negative implications. At the same time, we are placing our 'B+' rating on the company's secured debt on CreditWatch with negative implications. We will resolve the CreditWatch
