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Recovery Report: SonicWALL Inc.'s Recovery Rating Profile Sep 11 Product Image

Recovery Report: SonicWALL Inc.'s Recovery Rating Profile Sep 11

  • ID: 1927373
  • September 2011
  • Standard & Poors

Abstract
Standard & Poor's Ratings Services is updating its recovery analysis on network security provider SonicWALL Inc. following the upgrade of the company to 'B+' from 'B'. We raised the issue-level ratings on the company's existing facilities in conjunction with the upgrade while keeping the recovery ratings unchanged. Our simulated default scenario contemplates a default occurring in 2015, reflecting heightened competition leading to increased pricing pressure, lagging product development, or major services failure. The company has made meaningful prepayments on the first-lien term loan, which reduced the outstanding amount to $95 million. In our analysis, we assumed no more scheduled amortizations because of these prepayments. The revolver and first-lien term loan are guaranteed by PSM Holdings II Inc. (Holdings), the company's...

Companies mentioned in this report are: SonicWALL 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

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SonicWALL Inc.

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Note: Product cover images may vary from those shown

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