Moody's concludes review, downgrades Rackspace following LBO close; outlook stable
New York, November 16, 2016-- Moody's Investors Service, has downgraded Rackspace Hosting, Inc.' s corporate family rating to B1 from Ba1 and probability of default rating to B1-PD from Ba1-PD following the official close of its acquisition by funds associated with Apollo Global Management. Moody's has also affirmed Rackspace's speculative grade liquidity rating of SGL-1 and changed the outlook to stable. To finance the acquisition of Rackspace, Apollo issued debt at a...
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