SolarWinds Holdings Inc.'s performance has held up since it announced the Sunburst breach in December 2020. The company had a good fiscal 2020, and its March 2021 first-quarter guidance suggests modest impact from the breach. S&P Global Ratings expects more clarity over the next quarter, once there is an update on the spinoff of the MSP business, the company's new capital structure, as well as a better understanding of the one-time costs stemming from the Sunburst breach. Therefore, we are maintaining all our ratings on SolarWinds on CreditWatch with negative implications. We will resolve the CreditWatch placement once there is clarity on the breach's effect on the company's business and profitability, as well as clarity on the capital structure following
