We are assigning our 'B-' corporate credit rating to Ceridian HCM Holding Inc. We are affirming our 'B-' first-lien issue-level rating with a '3' recovery rating. We are also affirming our 'CCC' rating, with a '6' recovery rating, to Ceridian's senior unsecured notes. The stable outlook reflects our expectation that Ceridian will continue to expand its cloud human capital management business and use cash flow to fund investment in the cloud. While we expect leverage to remain very high, we expect the company to maintain liquidity we consider adequate. We are withdrawing our 'B-' corporate credit rating to Ceridian LLC because debt is no longer outstanding at that entity following a reorganization of the business in November 2014. Ceridian HCM
