Recovery Report: SafeNet Inc.'s Recovery Rating Profile Aug 11
Standard & Poors, August 2011
Abstract
Standard & Poor's Ratings Services is updating its recovery analysis on Belcamp, Md.-based enterprise network security provider SafeNet Inc. as part of its ongoing surveillance. The issue-level and recovery ratings on the company's rated debt remain unchanged. Our simulated default scenario contemplates a default occurring in 2014, which coincides with the maturity of the company's first-lien term debt. We believe a default would be primarily due to a loss of customer contracts, resulting from lack of service performance or increased competition over a smaller number of available defense contracts. The company's capital structure consists of $25 million of revolver, $241 million of amortizing first-lien term loan outstanding, and $131 million of nonamortizing second-lien term loan. The revolver and first-lien term...
Companies mentioned in this report are: SafeNet Inc.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
SafeNet Inc.
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