...- Hoffman Estates, Ill. based U.S. auto dealer information technology (IT) solutions provider CDK Global Inc.'s operating performance in the fourth-quarter (ended June 30) was in line with our expectations, including revenue declines of 8% primarily due to temporary price concessions. - We now expect low-single-digit organic revenue growth in 2020 and that S&P Global Ratings-calculated adjusted debt to EBITDA (adjusted leverage) will decline below our 4x rating threshold in fiscal 2021. - Nevertheless, we expect the competitive landscape to change as the pandemic accelerates the rate of auto dealership consolidation, and new digital retailing software providers gain market share. - We affirmed all our ratings on CDK, including our '##+' issuer credit rating, with a negative outlook. We also affirmed our '##+' issue-level ratings on the credit facilities and senior unsecured notes. - Despite our expectations that adjusted leverage will fall to within our rating thresholds for the '##+' rating,...
