Verint Systems Inc. Convertible Note Issue-Level Rating Corrected To 'BB-' From 'B+' (Recovery Rating: '5') - S&P Global Ratings’ Credit Research

Verint Systems Inc. Convertible Note Issue-Level Rating Corrected To 'BB-' From 'B+' (Recovery Rating: '5')

Verint Systems Inc. Convertible Note Issue-Level Rating Corrected To 'BB-' From 'B+' (Recovery Rating: '5') - S&P Global Ratings’ Credit Research
Verint Systems Inc. Convertible Note Issue-Level Rating Corrected To 'BB-' From 'B+' (Recovery Rating: '5')
Published Mar 26, 2019
3 pages (1251 words) — Published Mar 26, 2019
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

NEW YORK (S&P Global Ratings) March 26, 2019--S&P Global Ratings said today it corrected its issue-level and recovery ratings on Verint Systems Inc.'s $400 million convertible notes due 2021 to 'BB-' (from 'B+') and to '5' (from '6'). Due to an error, the 'B+' issue-level rating and '6' recovery rating were mistakenly not raised upon the publication of the summary analysis on July 30, 2018. However, based on our recovery analysis (included in our summary analysis published July 30, 2018), projected revenues for the convertible notes fall within the 10%-30% range, corresponding to a '5' recovery rating. According to our notching guidelines, the issue-level rating for a debt instrument with a '5' recovery rating is one notch below the issuer

  
Brief Excerpt:

STANDARD & POOR'S, S&P and RATINGSDIRECT are registered trademarks of Standard & Poor's Financial Services LLC. S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or...

  
Report Type:

Ratings Action

Ticker
VRNT
Issuer
Verint Systems Inc.
GICS
Application Software (45103010)
Sector
Global Issuers
Country
United States
Region
United States
Format:
PDF Adobe Acrobat
Buy Now

More from S&P Global Ratings’ Credit Research

S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

About the Author


Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Verint Systems Inc. Convertible Note Issue-Level Rating Corrected To 'BB-' From 'B+' (Recovery Rating: '5')" Mar 26, 2019. Alacra Store. May 10, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Verint-Systems-Inc-Convertible-Note-Issue-Level-Rating-Corrected-To-BB-From-B-Recovery-Rating-5-2186376>
  
APA:
S&P Global Ratings’ Credit Research. (). Verint Systems Inc. Convertible Note Issue-Level Rating Corrected To 'BB-' From 'B+' (Recovery Rating: '5') Mar 26, 2019. New York, NY: Alacra Store. Retrieved May 10, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Verint-Systems-Inc-Convertible-Note-Issue-Level-Rating-Corrected-To-BB-From-B-Recovery-Rating-5-2186376>
  
US$ 150.00
$  £  €
Have a Question?

Any questions about the report you're considering? Our Customer Service Team can help! Or visit our FAQs.

More Research

Search all our Credit Research from one place.