Summary: BMC Software Inc. Nov 08

Standard & Poors, November 2008

Abstract
The rating on Houston-based BMC reflects the company's moderate leverage, stable revenue base, and strong cash flow generation. A concentrated earnings base, a very competitive marketplace, and the presence of larger and more diversified competitors partially offset these factors. BMC is a leading provider of software solutions, enabling systems management on both mainframe and distributed platforms. The company's stable revenue base is supported in large part by solid recurring revenues, a highly defensible market position stemming from a strong product portfolio, high switching costs, and entrenched customer relationships. In fiscal 2008, BMC generated $1.73 billion in total revenue, up from $1.58 billion in the prior year, as a result of solid growth in the company's two operating segments. While the...

Companies mentioned in this report are: BMC Software Inc.
Action: Review

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

BMC Software Inc.

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