CDK Global Inc. 'BBB-' Rating Affirmed Following Accelerated Share Repurchase Announcement; Debt Rating Assigned

U.S. auto dealer information technology (IT) solutions provider CDK Global Inc. has issued a new $250 million unsecured credit facility. It will use the proceeds from the issuance to fund its recently announced accelerated share repurchase plan. We are assigning the proposed credit facility a 'BBB-' issue-level rating. We are also affirming the 'BBB-' corporate credit rating on CDK and the 'BBB-' issue-level rating on CDK's existing unsecured credit facility and unsecured notes. The stable outlook reflects our view of CDK's market leadership position in the auto dealer IT market and our expectation that its business transformation plan, coupled with its recurring revenue model, will result in solid free cash flow. NEW YORK (Standard&Poor's) Dec. 15, 2015--Standard&

...+ U.S. auto dealer information technology (IT) solutions provider CDK Global Inc. has issued a new $250 million unsecured credit facility. It will use the proceeds from the issuance to fund its recently announced accelerated share repurchase plan. + We are assigning the proposed credit facility a '###-' issue-level rating. + We are also affirming the '###-' corporate credit rating on CDK and the '###-' issue-level rating on CDK's existing unsecured credit facility and unsecured notes. + The stable outlook reflects our view of CDK's market leadership position in the auto dealer IT market and our expectation that its business transformation plan, coupled with its recurring revenue model, will result in solid free cash flow. NEW YORK (Standard & Poor's) Dec. 15, 2015--Standard & Poor's Ratings Services today said it affirmed its '###-' corporate credit rating on Hoffman Estates, Ill.-based CDK Global Inc. The outlook is stable. At the same time, we assigned a '###-' issue-level rating to the...

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