U.S. auto dealer information technology (IT) solutions provider CDK Global (CDK) announced that it will accelerate its previously disclosed shareholder return program. We are affirming our 'BBB-' corporate credit rating on CDK and revising the outlook to negative from stable. The negative outlook reflects leverage elevated above our downside trigger of 2x and a lack of track record of a consistent financial policy which could result in leverage above 2x over the next two years. On June 10, 2016, S&P Global Ratings affirmed all ratings, including its 'BBB-' corporate credit rating, on CDK Global Inc. and revised the outlook to negative from stable. The outlook revision reflects CDK's recent announcement that it will accelerate shareholder returns under a $1 billion
