...- Cloud-based human capital management (HCM) software company Ceridian HCM Holdings Inc. is forecast to generate lower-than-expected EBITDA due to declining float revenues and lower cloud revenue growth reflecting a weakening macro-economic environment. - As a result, our S&P Global Ratings' adjusted debt-to-EBITDA ratio is expected to be above 5.0x through 2020. - Therefore, on April 7, 2020, S&P Global Ratings revised its outlook on Ceridian to negative from stable. - At the same time, we affirmed our 'B+' long-term issuer credit rating on the company, and our 'B+' issue-level ratings on Ceridian's senior secured debt . The recovery rating on the debt is unchanged at '3'. - The negative outlook reflects our view that deteriorating macroeconomic conditions will pressure Ceridian's EBITDA such that leverage will deteriorate over 5x, with potential for further deterioration in credit metrics should the scale and timing of the COVID-19 pandemic exceed our expectations....
