U.S. enterprise content management (ECM) provider Hyland Software Inc. reported strong license sales growth, leading to lower leverage and good free operating cash flow (FOCF). We are revising our rating outlook to stable and affirming all of our ratings, including our 'B' corporate credit rating, on Hyland. The stable outlook reflects our expectation that the company's good execution, high renewal rates, and contracted revenue base will continue to support consistent operating performance and FOCF generation over the next 12 months. On May 27, 2016, S&P Global Ratings revised its rating outlook on Westlake, Ohio-based Hyland Software Inc. to stable from negative and affirmed all of its ratings, including its 'B' corporate credit rating. We also affirmed our 'B' issue-level with
