Cloudera Inc., a cloud data technology enterprise, received a rating downgrade from S&P in spite of improved Q1 2022 earnings.
S&P on July 27 lowered the company’s issuer credit rating to B- from BB- because of its higher leverage. This is owing to the company's recent restructuring and integration costs. In June, two private equity firms agreed to acquire Cloudera for an approximate value of $5.3 billion in cash.
On June 1, however, Cloudera in a press release disclosed its Q1 report for fiscal year 2022. According to the report, as of April 30, 2021, Cloudera had total cash, cash equivalents, marketable securities and restricted cash of $902.5 million. It also registered a 12% year-over-year growth on its annualized recurring revenue with a total of $805 million.
The r...
