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Rating Action:

Moody's raises Verint's liquidity rating to SGL-2 after loan amendment

Global Credit Research - 05 Aug 2010

New York, August 05, 2010 -- Moody's revised Verint Systems Inc.'s Speculative Grade Liquidity rating to SGL-2 from SGL-3 as a result of the recent credit facility amendment which loosens financial covenants and increases the size of the revolver. The company's leverage covenant previously stepped down to 2.5x in January 2011 but as amended will remain at 3.5x until January 2012 when its steps to 3.0x. Moody's viewed the previous stepdown as challenging to meet. The revolver was also increased to $75 million from $15 million providing additional liquidity to the company. The B1 corporate family rating and other ratings remain unchanged.

The amendment did result in higher loan spreads over LIBOR but given the company's previous interest rate swap, cash interest expense will likely decrease at least in the near term. The company did however pay $21 million to break the swap.

The SGL-2 reflects the company's cash on hand and increased revolver availability partially offset by high costs incurred as part of the restatement process. Verint had $149 million as of April 30, 2010 and free cash flow of $58 million for the twelve months ended April 30, 2010 although free cash flow levels are expected to be less over the remainder of the fiscal year.

Moody's most recent rating action on Verint was June 14, 2010 when Moody's provided initial ratings to the company. The principal methodology used in rating Verint was Moody's Global Software Methodology, published in May 2009 and available on www.moodys.com in the Rating Methodologies sub-directory under the Research & Ratings tab. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Rating Methodologies sub-directory on Moody's website.

Verint Systems, headquartered in Melville, NY, is a leading provider of analytic software and related products for the workforce optimization and communications and security intelligence markets. Verint had revenues of $701 million for the twelve months ended April 30, 2010.

New York
Matthew B. Jones
Vice President - Senior Analyst
Corporate Finance Group
Moody's Investors Service
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New York
Andris G. Kalnins
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Moody's Investors Service
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Moody's raises Verint's liquidity rating to SGL-2 after loan amendment
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