...+ Houston-based enterprise software provider Banff Parent Inc. is the parent company of the business we had previously rated under the name BMC Software Inc. The firm will continue to do business as BMC Software. + We are assigning our 'B-' issuer credit rating to Banff. + We are withdrawing our 'B' issuer credit rating on BMC Software Inc. Banff Parent will be the publicly rated entity going forward. + BMC has reported weaker bookings and revenue performance than we had forecast since the firm's acquisition by KKR in 2018, leading to leverage of over 8x for fiscal 2019. + Although the adoption of ASC 606 revenue recognition standards in fiscal 2020 will lead to considerable volatility in reported revenue and EBITDA performance due to the timing of renewal opportunities, we expect that leverage will generally fluctuate around the low-8x area under the new standard. + The 'B-' rating on Banff Parent is lower than our previous 'B' rating on BMC Software, reflecting our expectation of leverage...
