Lincolnshire, Ill.-based human capital management (HCM) solutions provider Alight is issuing $250 million secured notes due 2025 for general corporate purposes. Although the transaction is a positive development for the company's liquidity profile, the incremental debt issuance and a challenging operating environment could cause adjusted leverage to temporarily rise and exceed our 8x gross adjusted debt downgrade threshold. Accordingly, we are revising our outlook on Alight to negative from stable. We are affirming our 'B' issuer rating on the company. We are also affirming our existing issue-level ratings and assigning our 'B' issue-level rating and '3' recovery rating to the proposed $250 million senior secured notes. The negative outlook reflects the risk of a prolonged period of business disruption resulting
