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Bulletin: Solera Holdings' Announcement Of Its Planned Acquisition Of Explore Information Does Not Currently Affect Rating Apr 11
Standard & Poors, April 2011
Abstract
NEW YORK (Standard & Poor's) April 26, 2011--Standard & Poor's Ratings Services said today that the recent announcement by Dallas, Texas-based auto insurance software provider Solera Holdings Inc. does not currently affect the rating agency's 'BB' rating or stable rating outlook on the company. Solera announced that it intends to acquire Explore Information Services LLC (unrated) for $520 million. Based on preliminary information that Solera will fund the purchase with $170 million of cash and $350 million of incremental debt, we estimate that pro forma operating lease-adjusted leverage will be about 3.0x--still commensurate with the 'BB' rating. Additionally, despite the relatively large size of this acquisition, we do not view integration risk as being substantial. Solera has an effective track...
Companies mentioned in this report are: Solera Holdings Inc.
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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