Recovery Report: Ceridian Corp.'s Recovery Rating Profile Dec 11
Standard & Poors, December 2011
Abstract
Standard & Poor's Ratings Services has updated its recovery report on Minneapolis-based transaction processor Ceridian Corp. as part of its surveillance. The ratings are unchanged. We simulate a default occurring in 2014 as a result of sustained, elevated levels of domestic and Canadian unemployment, which pressure the company's human resource solutions business, ultimately causing problems with refinancing maturing debt. We believe that in default, Ceridian would remain a viable business, because of its diversified customer base and market position as one of the leading transaction processors for human resources and transportation markets. Ceridian's debt is primarily issued at Ceridian Corp. Most of this debt was issued to finance the 2007 LBO of the company by private-equity sponsors Thomas H. Lee...
Companies mentioned in this report are: Ceridian Corp.
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: Full Analysis
Ceridian Corp.
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