On Sept. 4, 2007, Standard&Poor's Rating Services raised its corporate credit rating on Westlake, Ohio-based Hyland Software Inc. to 'B+' from 'B', following the close of the company's secured credit facilities, reflecting revised and reduced debt levels. The outlook is stable. At the same time, we raised our bank loan rating on the company's $100 million first-lien senior secured bank facility to 'BB' from 'BB-'. The first-lien facility consists of an $80 million term loan due 2013 and a $20 million revolving credit facility due 2012. The recovery rating remains at '1', indicating that lenders can expect very high (90%-100%) recovery in the event of a payment default. We also raised the rating on the $19 million second-lien
