On December 7, 2020, S&P Global Ratings raised its rating on Optiv Inc. to CCC+ from CCC, its first-lien debt rating to CCC+ from CCC and its second-lien debt rating to CCC- from CC. The rating action is underpinned by improving outlook for Optiv, with free cash flow to debt improving to the mid-2% area in fiscal 2020, driven by operating discipline and stronger-than-expected bookings reported in the third quarter of 2020, according to the ratings agency. The Company's debt pricing has also improved, lowering the risk of another distressed debt exchange. Also, Optiv has adequate liquidity on its asset-based loan and no near-term maturities, allowing adequate time to reverse performance trends and improve financial metrics, S&P Global notes.

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