...- Lincolnshire, Ill.-based human capital management (HCM) solutions provider Alight is issuing $250 million secured notes due 2025 for general corporate purposes. - Although the transaction is a positive development for the company's liquidity profile, the incremental debt issuance and a challenging operating environment could cause adjusted leverage to temporarily rise and exceed our 8x gross adjusted debt downgrade threshold. - Accordingly, we are revising our outlook on Alight to negative from stable. We are affirming our 'B' issuer rating on the company. - We are also affirming our existing issue-level ratings and assigning our 'B' issue-level rating and '3' recovery rating to the proposed $250 million senior secured notes. - The negative outlook reflects the risk of a prolonged period of business disruption resulting from the COVID-19 pandemic and global recession, which will continue to weaken credit measures, as well as the uncertainty around the eventual use of cash proceeds....
