- Language: English
- Published: May 2012
- Region: Poland
Recovery Report: Ceridian Corp.'s Recovery Rating Profile Dec 11
- Published: December 2011
- Standard & Poors
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.
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