U.S.-based security and business intelligence software provider Verint Systems Inc. has consummated its previously announced merger with majority owner Comverse Technology Inc. As part of the transaction, the outstanding convertible preferred stock, which we treated as debt for analytical purposes, was converted into common equity, resulting in a significant improvement in the company's capital structure. We are raising our corporate credit rating on Verint to 'BB-' from 'B+' and raising the issue-level rating on the first-lien secured debt to 'BB-' from 'B+'. The stable outlook reflects our expectation that the company will keep leverage below 4x. On Feb. 7, 2013, Standard&Poor's Ratings Services raised its corporate credit rating and issue-level rating on Melville, N.Y.-based Verint Systems Inc. to
