Balboa Intermediate Holdings LLC Assigned 'B-' Rating; Outlook Stable

We are assigning our 'B' corporate credit rating to Balboa Intermediate Holdings LLC, the holding company for infrastructure software and data analytics provider TIBCO Software Inc. The stable outlook reflects the company's good recent operating performance and our view that the capital structure is sustainable due to our expectation for about $100 million of unadjusted free operating cash flow (FOCF) in 2018. NEW YORK (S&P Global Ratings) Nov. 21, 2017-- S&P Global Ratings today assigned its 'B-' corporate credit rating to Palo Alto, Calif.-based Balboa Intermediate Holdings LLC. The outlook is stable. At the same time, we affirmed our 'B' issue-level rating on the company's senior secured term loan and revolving credit facility, and our 'CCC' issue-level rating on its

...+ We are assigning our 'B' corporate credit rating to Balboa Intermediate Holdings LLC, the holding company for infrastructure software and data analytics provider TIBCO Software Inc. + The stable outlook reflects the company's good recent operating performance and our view that the capital structure is sustainable due to our expectation for about $100 million of unadjusted free operating cash flow (FOCF) in 2018. NEW YORK (S&P Global Ratings) Nov. 21, 2017-- S&P Global Ratings today assigned its 'B-' corporate credit rating to Palo Alto, Calif.-based Balboa Intermediate Holdings LLC. The outlook is stable. At the same time, we affirmed our 'B' issue-level rating on the company's senior secured term loan and revolving credit facility, and our '###' issue-level rating on its unsecured notes. Our '2' recovery rating on the secured instruments is unchanged and indicates our expectation for substantial recovery (70%-90%; rounded estimate: 70%) in the event of a payment default. Our '5' recovery...

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