Summary: Go Daddy Operating Co. LLC Jan 13
Standard & Poors, January 2013
Abstract
The rating and outlook on Scottsdale, Ariz.-based Go Daddy Operating Co. LLC reflect Standard & Poor's Ratings Services' expectation that Go Daddy will remain highly leveraged (above 10x) for the next several years, generate positive discretionary cash flow, and reduce debt, absent a leveraging transaction. We expect debt leverage to decline, consistent with our expectation of EBITDA growth, and that Go Daddy will use positive discretionary cash flow in part to repay debt. We assess Go Daddy's business risk profile as "weak" because its EBITDA margin is lower than its peers' and because of keen competition in the Web services market for small and midsize business spending. We view the financial risk profile as "highly leveraged" based on Go Daddy's...
Companies mentioned in this report are:
- Go Daddy Operating Co. LLC
Action: Review
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
- Go Daddy Operating Co. LLC
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