An aggressive shareholder return policy and recent litigation-related charges, together with several quarters of underwhelming revenue growth and discontinuance of its digital marketing business, have lifted CDK Global Inc.'s adjusted leverage to the high-4x area in fiscal year 2019, up from 2.8x in 2018. As a result, we are revising our outlook to negative from stable. At the same time, we are affirming all our ratings on CDK, including the 'BB+' issuer credit rating and 'BB+' issue-level ratings. The negative outlook reflects our expectation that CDK's leverage could remain elevated if it fails to expand earnings by missing organic growth targets, scaling recent technology rollouts, or executing strategic platform investments, or it makes leveraging acquisitions. The outlook revision reflects elevated
