Buccaneer Intermediate Holdco Ltd. reported a large decrease in bookings compared to previous quarters due to reprioritization strategies and delayed signing among its largest clients. Despite revenue growing in the low single-digit growth range in fiscal 2025, we expect the company to produce about $20 million of free operating cash flow (FOCF) in fiscal 2025. Therefore, we affirmed our 'B-' issuer credit rating. The outlook remains stable. The stable outlook reflects our expectation for increased demand from the pharmaceutical industry and alleviated staffing pressure, allowing Signant to expand revenue in the low-single-digit percent range while maintaining somewhat flat EBITDA margins, leading to reported FOCF to debt of about 1.5% by fiscal 2025. The stable outlook reflects our expectation for increased
