NEW YORK (S&P Global Ratings) Jan. 19, 2024--On Jan. 7, 2024, S&P Global Ratings published its revised criteria for evaluating the credit risks presented by an entity's management and governance (M&G) framework, "Management And Governance Credit Factors For Corporate Entities". These criteria apply globally to all corporate ratings including investment holding companies and to certain nonbank financial institution entities that we rate using our corporate methodology.
The terms management and governance encompass the broad array of oversight and direction conducted by an entity's owners, board representatives, and executive managers. These activities and practices can impact an entity's creditworthiness and, as such, the M&G modifier is an important component of our analysis.
Subsequently, we have completed the review of the below 152 companies within the U.S. technology sector under the new criteria. As a result, S&P Global Ratings assigned a new M&G modifier to each of the below companies. Ratings on all 152 companies are unchanged.
- Adeia Inc. to neutral from fair
- Akamai Technologies Inc. to neutral from satisfactory
- Allegro MicroSystems Inc. to moderately negative from fair
- Altar MidCo Inc. to moderately negative from fair
- Alteryx Inc. to neutral from fair
- Amkor Technology Inc. to neutral from fair
- Amphenol Corp. to neutral from satisfactory
- Analog Devices Inc. to neutral from satisfactory
- Apple Inc. to positive from strong
- Applied Materials Inc. to positive from strong
- Applied Systems Inc. to moderately negative from fair
- Arrow Electronics Inc. to neutral from satisfactory
- Aspen Jersey Topco Ltd. to moderately negative from fair
- Astra Acquisition Corp. to moderately negative from fair
- Avnet Inc. to neutral from fair
- Banff Parent Inc. to moderately negative from fair
- Barracuda Networks Inc. to moderately negative from fair
- Belden Inc. to neutral from satisfactory
- Broadcom Inc. to neutral from satisfactory
- Cadence Design Systems Inc. to neutral from satisfactory
- Cardinal Parent Inc. to moderately negative from fair
- CCC Intelligent Solutions Inc. to neutral from fair
- Ciena Corp. to neutral from fair
- Cloud Software Group Holdings Inc. to moderately negative from fair
- Cloudera Inc. to moderately negative from fair
- Coherent Corp. to neutral from fair
- Cohu Inc. to neutral from fair
- CommScope Holding Co. Inc. to moderately negative from fair
- Consensus Cloud Solutions Inc. to neutral from fair
- Cornerstone OnDemand Inc. to moderately negative from fair
- Corning Inc. to positive from strong
- Corsair Gaming Inc. to neutral from fair
- Crane NXT Co. to neutral from fair
- Creation Technologies Inc. to moderately negative from fair
- CrowdStrike Holdings Inc. to neutral from satisfactory
- DCert Buyer Inc. to moderately negative from fair
- Dell Technologies Inc. to neutral from fair
- Delta Topco Inc. to moderately negative from fair
- Diebold Nixdorf Inc. to moderately negative from fair
- E2open LLC to moderately negative from fair
- East West Manufacturing LLC to moderately negative from fair
- Eastman Kodak Co. to moderately negative from fair
- Eclipse Midco Inc. to moderately negative from fair
- Elastic N.V. to neutral from fair
- Electronics for Imaging Inc. to moderately negative from fair
- Elo Touch Solutions Inc. to moderately negative from fair
- Emerald Technologies (U.S.) AcquisitionCo. Inc. to moderately negative from fair
- Entegris Inc. to neutral from fair
- Epicor Holdings Corp. to moderately negative from fair
- EverCommerce Inc. to neutral from fair
- Flex Ltd. to neutral from fair
- Flexera Software LLC to moderately negative from fair
- Foundational Education Group Inc. to moderately negative from fair
- Gator Holdco (UK) Ltd. to moderately negative from fair
- Gen Digital Inc. to neutral from satisfactory
- Genesys Cloud Services Holdings II LLC to moderately negative from fair
- Globetrotter Intermediate LLC to moderately negative from fair
- HP Inc. to neutral from satisfactory
- HS Midco Inc. to moderately negative from fair
- Idera Inc. to moderately negative from fair
- Imola Acquisition Corp. to moderately negative from fair
- Imprivata Inc. to moderately negative from fair
- Infinite Holdco LLC to moderately negative from fair
- Infor Inc. to neutral from fair
- Informatica Inc. to moderately negative from fair
- Intermedia Holdings Inc. to moderately negative from fair
- ION Corporate Solutions Finance Ltd. to moderately negative from fair
- Isolved Inc. to moderately negative from fair
- Ivanti Software Inc. to moderately negative from fair
- Jabil Inc. to neutral from satisfactory
- Keysight Technologies Inc. to neutral from satisfactory
- Lattice Semiconductor Corp. to neutral from fair
- LI Group Holdings Inc. to moderately negative from fair
- Lumentum Holdings Inc. to neutral from fair
- Magenta Buyer LLC to moderately negative from fair
- Marvell Technology Inc. to neutral from satisfactory
- MaxLinear Inc. to neutral from fair
- McAfee Corp. to moderately negative from fair
- Micron Technology Inc. to neutral from fair
- Microsoft Corp. to positive from strong
- MicroStrategy Inc. to negative from weak
- MKS Instruments Inc. to neutral from fair
- Molex Electronic Technologies LLC to neutral from satisfactory
- Motorola Solutions Inc. to neutral from satisfactory
- Motus Group LLC to moderately negative from fair
- N-able Inc. to neutral from fair
- Natel Engineering Co. LLC to moderately negative from fair
- NCR Atleos Corp. (ATMCo) to neutral from satisfactory
- NCR Corp. (NCR Voyix) to moderately negative from fair
- NetApp Inc. to neutral from satisfactory
- Nvidia Corp. to positive from strong
- OEConnection LLC to moderately negative from fair
- ON Semiconductor Corp. to neutral from fair
- Oracle Corp. to neutral from satisfactory
- Perforce Intermediate Holdings LLC to moderately negative from fair
- Pitney Bowes Inc. to moderately negative from fair
- Planview Parent Inc. to moderately negative from fair
- Polaris Parent LLC to moderately negative from fair
- PowerSchool Holdings Inc. to moderately negative from fair
- Project Alpha Intermediate Holding Inc. to moderately negative from fair
- Project Leopard Holdings Inc. to moderately negative from fair
- Proofpoint Inc. to moderately negative from fair
- PTC Inc. to neutral from fair
- QBS Parent Inc. to moderately negative from fair
- Qorvo Inc. to neutral from satisfactory
- Qualcomm Inc. to positive from strong
- Quartz AcquireCo LLC to moderately negative from fair
- Quest Software US Holdings Inc. to moderately negative from fair
- Red IntermediateCo LLC to moderately negative from fair
- Redstone Buyer LLC to moderately negative from fair
- Renaissance Holding Corp. to moderately negative from fair
- RingCentral Inc. to neutral from fair
- Rocket Software Inc. to moderately negative from fair
- Salesforce.com Inc. to neutral from satisfactory
- Sandvine L.P. to moderately negative from fair
- Sanmina Corp. to neutral from fair
- Seagate Technology Holdings PLC to neutral from satisfactory
- SkillSoft Corp. to moderately negative from fair
- Skyworks Solutions Inc. to neutral from satisfactory
- Smokey TopCo Ltd. to moderately negative from fair
- Snap One Holdings Corp. to moderately negative from fair
- SolarWinds Holdings Inc. to moderately negative from fair
- SonicWall Holdings Ltd. to moderately negative from fair
- Sophia L.P. to moderately negative from fair
- SS&C Technologies Holdings Inc. to neutral from fair
- Starfish Holdco LLC to moderately negative from fair
- Synaptics Inc. to neutral from fair
- TD SYNNEX Corp. to neutral from fair
- TE Connectivity Ltd. to neutral from satisfactory
- Tenable Holdings Inc. to neutral from fair
- Texas Instruments Inc. to positive from strong
- Trimble Inc. to neutral from satisfactory
- TTM Technologies Inc. to neutral from fair
- Twilio Inc. to neutral from fair
- Uber Technologies Inc. to neutral from satisfactory
- UKG Inc. to moderately negative from fair
- Ultra Clean Holdings Inc. to neutral from fair
- Upland Software Inc. to moderately negative from fair
- Veracode Parent L.P. to moderately negative from fair
- VeriFone Systems Inc. to moderately negative from fair
- VeriSign Inc. to neutral from satisfactory
- Veritas Holdings Ltd. to moderately negative from fair
- Viavi Solutions Inc. to neutral from fair
- Vishay Intertechnology Inc. to neutral from fair
- VS Holding I Inc. to moderately negative from fair
- WatchGuard Technologies Inc. to moderately negative from fair
- Weld North Education LLC to moderately negative from fair
- Western Digital Corp. to neutral from satisfactory
- Workday Inc. to neutral from satisfactory
- Xerox Holdings Corp. to moderately negative from fair
- Zebra Technologies Corp. to neutral from fair
- ZoomInfo Technologies Inc. to neutral from fair
This report does not constitute a rating action.
S&P Global Ratings, part of S&P Global Inc. (NYSE: SPGI), is the world's leading provider of independent credit risk research. We publish more than a million credit ratings on debt issued by sovereign, municipal, corporate and financial sector entities. With over 1,600 credit analysts in 27 countries, and more than 150 years' experience of assessing credit risk, we offer a unique combination of global coverage and local insight. Our research and opinions about relative credit risk provide market participants with information that helps to support the growth of transparent, liquid debt markets worldwide.
| Primary Credit Analyst: | Ejikeme Okonkwo, CFA, New York + 1 (212) 438 1706; Ejikeme.Okonkwo@spglobal.com |
| Secondary Contacts: | Jesse Juliano, CFA, Boston + 1 (617) 530 8317; jesse.juliano@spglobal.com |
| David T Tsui, CFA, CPA, San Francisco + 1 415-371-5063; david.tsui@spglobal.com |
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