U.S. software vendor Hyland Software plans to raise $575 million to refinance existing debt and pay a $268 million dividend to existing shareholders. We are lowering our corporate credit rating to 'B' from 'B+'. We are assigning a 'B' issue-level rating with a recovery rating of '3' to the new revolver and first-lien term loan facility and a 'CCC+' rating with a recovery rating of '6' to the new second-lien term loan. The stable outlook reflects Hyland's predictable operating performance and aggressive leverage that we believe is unlikely to materially drop over the near term. NEW YORK (Standard&Poor's) Oct. 11, 2012--Standard&Poor's Ratings Services said today that it lowered its corporate credit rating on Westlake, Ohio-based Hyland
