SAN FRANCISCO (Standard&Poor's) March 18, 2014--Standard&Poor's Ratings Services lowered its corporate credit rating to 'B' from 'B+' on Itasca, Ill.-based Flexera Software LLC. The outlook is stable. At the same time, we assigned a 'B' issue-level rating with a '3' recovery rating to the company's proposed $345 million senior secured first-lien term loan due 2020 and $25 million revolving credit facility due 2019. The '3' recovery rating indicates our expectation for meaningful (50% to 70%) recovery in the event of payment default. We also assigned a 'CCC+' issue-level rating with a '6' recovery rating to the proposed $125 million second-lien term loan due 2021. The '6' recovery rating indicates our expectation for negligible (0% to 10%)
