...Dayforce, Inc.'s (Dayforce; formerly Dayforce Bidco, LLC) ratings reflect expected high, but declining leverage. Fitch Ratings adjusted EBITDA leverage is expected at 7.6x in fiscal 2026 and to decline below 7.0x within 12 to 18 months, driven by EBITDA growth. The rating also reflects Dayforce's high recurring revenue base, supported by its market-leading and mission-critical human capital management (HCM) software platform, and strong profitability and free cash flow (FCF) generation. Fitch has withdrawn the ratings for Dayforce Bidco, LLC. Following its acquisition by Thoma Bravo, Dayforce Bidco, LLC merged into Dayforce, Inc., with Dayforce, Inc. being the surviving entity. Dayforce Bidco, LLC is no longer considered to be relevant to the agency's coverage. The $5.5 billion term loan was previously rated under Dayforce Bidco, LLC....
