Bulletin: Alight Solutions LLC's Liquidity Position Supported By Its Proposed Unsecured Note Add-On

NEW YORK (S&P Global Ratings) July 24, 2020--S&P Global Ratings said today that Lincolnshire, Ill.-based human capital management solutions provider Alight Solutions LLC's (B/Negative/--) proposed $150 million add-on to its existing senior unsecured notes due 2025 will not affect its ratings on the company, including the issuer credit rating. The senior unsecured notes have a 'CCC+' issue-level rating and '6' recovery rating. The company is planning to use the proceeds from the add-on for general corporate purposes, including to partially repay an existing term loan. The negative outlook reflects the risk of a prolonged period of business disruption resulting from the COVID-19 pandemic and global recession, which continues to weaken credit measures. We expect mid- to high-single-digit percent area organic

...July 24, 2020 NEW YORK (S&P Global Ratings) July 24, 2020--S&P Global Ratings said today that Lincolnshire, Ill.-based human capital management solutions provider Alight Solutions LLC's (B/Negative/--) proposed $150 million add-on to its existing senior unsecured notes due 2025 will not affect its ratings on the company, including the issuer credit rating. The senior unsecured notes have a '###+' issue-level rating and '6' recovery rating. The company is planning to use the proceeds from the add-on for general corporate purposes, including to partially repay an existing term loan. The negative outlook reflects the risk of a prolonged period of business disruption resulting from the COVID-19 pandemic and global recession, which continues to weaken credit measures. We expect mid- to high-single-digit percent area organic revenue declines and gross adjusted leverage to temporarily exceed 8x in 2020 and decline to the high-7x area in 2021. We could lower our rating on Alight if, among other...

Bulletin