...December 3, 2019 New York (S&P Global Ratings) Dec. 3, 2019--S&P Global Ratings today said its ratings on San Jose, Calif.-based Fair Isaac Corp.'s proposed $300 million issuance of senior notes due 2028 will be leverage neutral, with proceeds expected to be used to repay revolver borrowings, which totaled $345 million as of Sept. 30, 2019. Our ratings on Fair Isaac, including the '##+' issue-level and '3' recovery ratings on its senior unsecured debt, remain unchanged as a result. Over the next two years we expect the company to maintain leverage in the 2x area and free operating cash flow generation in the $250 million area. The ratings also reflects the company's strong brand, industry adoption of its Scores business, and leading portfolio of software solutions, offset by its vulnerability to economic downturns, high distribution and end market concentration, and intense competition within the software business....
