On July 12, 2007, Standard&Poor's Ratings Services assigned its 'B' corporate credit rating to Westlake, Ohio-based Hyland Software Inc., a provider of enterprise content management (ECM) software solutions. The outlook is positive. At the same time, we assigned our 'BB-' bank loan rating and '1' recovery rating to the company's proposed $100 million, first-priority senior secured bank facility, which will consist of a $80 million term loan due 2013 and a $20 million revolving credit facility due 2012, indicating that lenders can expect very high (90%-100%) recovery in the event of payment default. We assigned our 'CCC+' bank loan rating, with a recovery rating of '6' to the proposed $30 million, second-priority term loan due 2014, indicating that
