Research Update: Reynolds Group Holdings 'B+' Rating Affirmed, $1.25 Billion Notes Rated 'B-' (Recovery Rating '6'); Outlook Is Negative Feb 12
- Language: English
- Published: February 2012
We are raising our corporate credit rating on U.S. auto dealer software and services provider Reynolds & Reynolds to 'BB' from 'BB-', reflecting improved operating efficiency and strong free cash flow generation despite a difficult industry environment. We are also raising our rating on the first-lien credit facility to 'BBB-' from 'BB+'. The stable outlook reflects the company's high recurring revenue base and strong cash flow characteristics. On Jan. 9, 2012, Standard & Poor's Ratings Services raised its corporate credit rating on Dayton, Ohio-based auto dealer software and services provider Reynolds & Reynolds Co. to 'BB' from 'BB-'. The outlook is stable. Additionally, we revised our issue-level rating on the first-lien facility to 'BBB-' from 'BB+'. The recovery rating remains...
Companies mentioned in this report are: The Reynolds & Reynolds Co.,Dealer Computer Services Inc.
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Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
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The Reynolds & Reynolds Co.,Dealer Computer Services Inc.