We are assigning our 'B' corporate credit rating to Balboa Intermediate Holdings LLC, the holding company for infrastructure software and data analytics provider TIBCO Software Inc. The stable outlook reflects the company's good recent operating performance and our view that the capital structure is sustainable due to our expectation for about $100 million of unadjusted free operating cash flow (FOCF) in 2018. On Nov. 21, 2017, S&P Global Ratings assigned its 'B-' corporate credit rating to Palo Alto, Calif.-based Balboa Intermediate Holdings LLC. The outlook is stable. At the same time, we affirmed our 'B' issue-level rating on the company's senior secured term loan and revolving credit facility, and our 'CCC' issue-level rating on its unsecured notes. Our '2' recovery
