Hyland Software Inc., a U.S. developer of content services platform software (CSP), is planning to make a $450 million shareholder distribution, which it will fund mostly with debt. Pro forma for the transaction, the company's adjusted leverage will be in the mid-7x area. We are downgrading Hyland to 'B-' from 'B'. The stable outlook reflects our expectation that the company's leverage will remain above 7x over the next 12 months. Even if Hyland reduces its leverage below 7x after the next 12 months, we do not believe it will sustain this reduced level of leverage because it will likely undertake further debt-financed dividends or acquisitions. On Oct. 10, 2018, S&P Global Ratings lowered its issuer credit rating on Westlake, Ohio-based
