Application usage management software provider Flexera Software LLC is proposing the issuance of new credit facilities to pay a dividend to its shareholders and refinance existing debt. We are lowering our corporate credit rating on the company to 'B' from 'B+'. The outlook is stable. We are also assigning a 'B' issue-level rating with a recovery rating of '3' to the new first-lien facilities, and a 'CCC+' issue-level rating with a recovery rating of '6' to the new second-lien term loan. The stable outlook reflects our anticipation that good growth prospects and the embedded nature of Flexera's products will support consistent operating performance. On March 18, 2014, Standard&Poor's Ratings Services lowered its corporate credit rating to 'B' from
