...SAN FRANCISCO (S&P Global Ratings) Nov. 6, 2018--S&P Global Ratings today revised its recovery rating to '3' from '2' on University Park, Ill.-based property and casualty broker management systems provider Applied Systems Inc.'s first-lien term loan and revolving credit facility. The '3' recovery rating indicates our expectation of meaningful (50%-70%; rounded estimate: 60%) recovery for lenders in the event of a payment default. At the same time, we lowered our issue-level rating on the first-lien debt to 'B-' from 'B' in accordance with our notching criteria for a '3' recovery rating. All of our other ratings on Applied Systems are unchanged. The rating actions reflect our view of Applied Systems' plan to increase its first-lien term loan by $210 million (from the $1.03 billion issued in September 2017), and its second-lien term loan by $60 million (from the $495 million issued in September 2017). The proceeds of the debt will be used to fund a $200 million distribution to shareholders,...
