Red Hat's Corporate Credit Rating Raised by Standard & Poor's
Red Hat, Inc., upgraded to ‘BBB-‘ thanks to strong revenues and
resilience in the face of economic downturn
RALEIGH, N.C.--(BUSINESS WIRE)--
Red Hat, Inc. (NYSE: RHT), the world's leading provider of open source
solutions, announced today that Standard & Poor's Financial Services,
LLC (S&P), a subsidiary of The McGraw Hill Companies, Inc. and a leading
provider of financial market intelligence and foremost source of credit
ratings, has upgraded Red Hat, Inc.'s credit rating to ‘BBB-' from
‘BB+.' S&P cited Red Hat's strong recurring revenue and consistent
earnings growth as the primary motivation behind the upgrade.
"With S&P's upgrade, Red Hat is now considered Investment Grade", said
Charlie Peters, CFO of Red Hat. "This rating is indicative of the
financial strength of our company, the consistency of our performance
and will give the company better access to the debt capital markets, at
lower cost. We are pleased with this upgrade."
For more information about Red Hat, visit www.redhat.com.
For more news, more often, visit www.press.redhat.com.
About Red Hat, Inc.
Red Hat, the world's leading provider of open source solutions and an
S&P 500 company, is headquartered in Raleigh, NC with more than 70
offices spanning the globe. Red Hat provides high-quality, affordable
technology with its operating system platform, Red Hat Enterprise Linux,
together with cloud, virtualization, management, storage and
service-oriented architecture (SOA) solutions, including Red Hat
Enterprise Virtualization and JBoss Enterprise Middleware. Red Hat also
offers support, training and consulting services to its customers
worldwide. Learn more: http://www.redhat.com.
Forward-Looking Statements
Certain statements contained in this press release may constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking statements
provide current expectations of future events based on certain
assumptions and include any statement that does not directly relate to
any historical or current fact. Actual results may differ materially
from those indicated by such forward-looking statements as a result of
various important factors, including: risks related to delays or
reductions in information technology spending; the effects of industry
consolidation; the ability of the Company to compete effectively;
uncertainty and adverse results in litigation and related settlements;
the integration of acquisitions and the ability to market successfully
acquired technologies and products; the inability to adequately protect
Company intellectual property and the potential for infringement or
breach of license claims of or relating to third party intellectual
property; the ability to deliver and stimulate demand for new products
and technological innovations on a timely basis; risks related to data
and information security vulnerabilities; ineffective management of, and
control over, the Company's growth and international operations;
fluctuations in exchange rates; and changes in and a dependence on key
personnel, as well as other factors contained in our most recent
Quarterly Report on Form 10-Q (copies of which may be accessed through
the Securities and Exchange Commission's website at http://www.sec.gov),
including those found therein under the captions "Risk Factors" and
"Management's Discussion and Analysis of Financial Condition and Results
of Operations". In addition to these factors, actual future performance,
outcomes, and results may differ materially because of more general
factors including (without limitation) general industry and market
conditions and growth rates, economic and political conditions,
governmental and public policy changes and the impact of natural
disasters such as earthquakes and floods, including events in Japan. The
forward-looking statements included in this press release represent the
Company's views as of the date of this press release and these views
could change. However, while the Company may elect to update these
forward-looking statements at some point in the future, the Company
specifically disclaims any obligation to do so. These forward-looking
statements should not be relied upon as representing the Company's views
as of any date subsequent to the date of the press release.
Red Hat, Inc. Red Hat, the Shadowman logo and JBoss are registered
trademarks of Red Hat, Inc. in the U.S. and other countries. Linux is a
registered trademark of Linus Torvalds.
Media Contact:
Red Hat Inc.
Leigh Day, 919-754-4369
lday@redhat.com
or
Investor
Relations:
Tom McCallum, 919-754-4630
tmccallum@redhat.com
Source: Red Hat, Inc.
News Provided by Acquire Media
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