Information technology infrastructure management software provider SolarWinds Holdings Inc., through continued EBITDA growth and debt repayment, has maintained leverage below 5x for its three most recent reported quarters. We expect leverage in the mid-4x area by fiscal year-end 2019, and 4x in 2020. We are raising our issuer credit rating on SolarWinds to 'B+' from 'B'. We are raising our issue-level ratings on the company's senior secured first-lien debt to 'B+' from 'B' and our '3' recovery rating remains unchanged. S&P Global Ratings' stable outlook on SolarWinds Holdings Inc. reflects our view of the company's strong operating profitability and high recurring revenue resulting from its maintenance and subscription business model, and our expectation the company will continue to generate strong
