NEW YORK (S&P Global Ratings) Feb. 1, 2022--S&P Global Ratings today said that its ratings and outlooks on Balboa Intermediate Holdings LLC (B-/Stable/--) and the company's wholly-owned subsidiary TIBCO Software Inc. (B-/Stable/--) are unchanged following their announced involvement in the leveraged buyout (LBO) of Citrix Systems Inc. alongside their financial-sponsor owner (affiliates of Vista Equity Partners). Per the Citrix announcement, we understand that Vista intends to combine TIBCO with Citrix at some point following the acquisition. However, at this point we lack the information necessary to assess the transaction's effect on Balboa's credit quality, including the timeframe for the combination, the combined company's capital structure, the group's long-term strategy, and the importance of Balboa and TIBCO in this new organizational
