We are lowering our corporate credit rating on Flexera Software Inc., a U.S. provider of application usage management software, to 'B' from 'B+'. At the same time, we are removing the ratings from CreditWatch, where they were placed with negative implications on July 20, 2011. We are also assigning a 'B' issue level rating to the $25 million secured revolving credit facility and $230 million first-lien term loan and a 'CCC+' issue rating to the $100 million second-lien term loan. The company intends to use the proceeds to partly finance the acquisition of Flexera by Ontario Teachers' Pension Plan and to repay existing debt. The stable outlook reflects our expectation that Flexera will maintain near-term revenue growth and consistent profitability.
