...- Banff Parent Inc. (doing business as BMC Software Inc.) has continued to report accelerating revenue growth as it expands cloud and subscription offerings, while maintaining consistent profitability and cash generation. - Therefore, we upgraded Banff Parent Inc. to 'B,' based on our expectation for continued revenue and earnings growth, enabling the firm to reduce S&P Global Ratings-adjusted debt to EBITDA under 8x in fiscal 2025. - We also assigned a 'B' issue-level rating to the firm's proposed first-lien USD and EUR denominated term loans, and a 'B-' issue-level rating to the proposed second-lien term loan. Recovery ratings on the first- and second-lien debt are '3' and '5', respectively. - The outlook is stable, reflecting our view that while credit metrics are likely to continue to improve into 2026, high leverage and financial-sponsor ownership constrain further ratings....
