U.S. auto dealer information technology (IT) solutions provider CDK Global Inc. plans to issue a $350 million senior unsecured term loan to fund the remaining portion of its current $1 billion shareholder capital return program. We are lowering our corporate credit rating on CDK to 'BB+' from 'BBB-' based on our expectation for a more aggressive financial policy than previously stated. At the same time, we are lowering our issue-level rating on the company's senior unsecured revolver, senior unsecured term loans, and senior unsecured notes to 'BB+' from 'BBB-'. The recovery rating is '3'. In addition we are assigning our 'BB+' issue-level rating and '3' recovery rating to the new term loan. The outlook is stable reflecting CDK's market leadership
