U.S. software license management and software compliance solutions provider Flexera Software has agreed to be acquired by Teachers' Private Capital. Terms have yet to be disclosed but we anticipate that the existing debt will be refinanced as a result of the change of control. We have placed our 'B+' corporate credit rating on Flexera on CreditWatch with negative implications. The rating action reflects uncertainties surrounding the ultimate capital structure following this transaction. On July 20, 2011, Standard&Poor's Ratings Services placed its 'B+' corporate credit rating on Schaumburg, Ill.-based Flexera Software Inc. on CreditWatch with negative implications. We expect to withdraw our ratings on the existing credit facilities at the close of the transaction following the refinancing. The CreditWatch
