Minneapolis-based human capital management (HCM) software provider Dayforce Inc. continues to show positive momentum. Demand for Dayforce's solutions has remained steady, and we forecast its strong recurring cloud revenue growth will support solid credit metrics over the next 12 to 18 months. At the same time, we believe the enterprise segment expansion and cross selling initiatives will support continued growth. As a result, we forecast Dayforce's S&P Global Ratings-adjusted debt to EBITDA will remain below 2.5x through 2025. We affirmed out 'BB-' issuer credit rating and revised our outlook to positive from stable. Our 'BB-' issue level rating on company's revolver due 2029 and its senior secured term loan due in 2031 is unchanged. The recovery rating on this debt
