MELVILLE, N.Y.--(BUSINESS WIRE)--
Moody’s raises the company’s corporate rating to Ba2 from Ba3
The company’s continued growth and increasing profitability cited as reasons for the move
Verint® Systems Inc. (VRNT), a global Actionable Intelligence® leader, today announced that Moody’s Investor Service increased Verint’s corporate credit rating to Ba2 from Ba3. According to Moody’s, the upgrade is due to Verint’s continued growth as well as its increasing profitability. Moody’s also noted that Verint’s strong market position is bolstered by expertise in software that analyzes unstructured data and the company’s development of analytics software tools for specific industries.
“We are pleased with Moody’s decision to increase our credit rating to Ba2. We appreciate their recognition of the company’s strong market position and free cash flow to debt metrics. We believe we are well positioned to support the accelerating growth rate of the business,” said Doug Robinson, CFO.
In addition to upgrading the company’s corporate rating, Moody’s upgraded Verint’s senior secured first lien term loan and revolver to Ba1 from Ba2. Moody’s also upgraded the company’s probability of default rating to Ba2-PD from Ba3-PD. The outlook is rated as stable.
About Verint Systems Inc.
Verint® (VRNT) is a global leader in Actionable Intelligence® solutions with a focus on customer engagement optimization and cyber intelligence. Today, over 10,000 organizations in more than 180 countries—including over 85 percent of the Fortune 100—count on intelligence from Verint solutions to make more informed, effective and timely decisions. Learn more about how we’re creating A Smarter World with Actionable Intelligence® at www.verint.com.
This press release contains “forward-looking statements,” including statements regarding expectations, predictions, views, opportunities, plans, strategies, beliefs, and statements of similar effect relating to Verint Systems Inc. These forward-looking statements are not guarantees of future performance and they are based on management’s expectations that involve a number of risks, uncertainties and assumptions, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. For a detailed discussion of these risk factors, see our Annual Report on Form 10-K for the fiscal year ended January 31, 2019, our Quarterly Report on Form 10-Q for the quarter ended April 30, 2019, and other filings we make with the SEC. The forward-looking statements contained in this press release are made as of the date of this press release and, except as required by law; Verint assumes no obligation to update or revise them or to provide reasons why actual results may differ.
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