NEW YORK (S&P Global Ratings) Nov. 5, 2026--S&P Global Ratings today assigned its'B'issue-level rating and'3'recovery rating to Cloud Software Group Holdings Inc.'s new first-lien senior secured notes due 2034. The'3'recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a default. We expect the security and guarantees for the new notes will be the same as those for the company's existing secured notes. Cloud Software will use the proceeds from these notes to redeem a portion of its outstanding $3.8 billion second-lien notes due 2029. Therefore, we expect the transaction will be largely leverage neutral and enable it to extend some of its 2029 debt maturities (when about
