Credit agency has ‘negative’ outlook for Syniverse
March 2, 2020 - Moody's Investors Service has changed the outlook to negative from stable for Syniverse Holdings, one of the larger technology companies headquartered in the Tampa-St. Petersburg area. The credit agency said the change reflects weak year-to-date operating results for Syniverse, which provides mobile and wireless technology solutions to connect mobile network operators and businesses. Syniverse, with $761 million in last 12 months revenue as of September 2019, had "weak earnings" that increased the company's leverage, or percentage of debt, Moody's said. There also is a risk in a somewhat concentrated customer base which limits negotiating leverage at contract renewals, and rising competitive pressures, Moody's said in a Feb. 28 report. Moody's affirmed Syniverse's existing ratings, including the B3 corporate family rating, a speculative grade rating.