Omnitracs Inc., a provider of connectivity hardware and software to the transportation and logistics industry, is being sold by Qualcomm Inc. in a spin-off transaction to Vista Equity Partners for $800 million. We are assigning a preliminary 'B' corporate credit rating to the company. In addition, we are assigning a preliminary '`B+' issue-level rating and preliminary '2' recovery rating to the first-lien term loan and a preliminary 'CCC+' issue-level rating and preliminary '6' recovery rating to the second-lien term loan. The stable outlook reflects our expectation that revenue declines will moderate, and pro-forma leverage will remain in the 6x area over the next 12 months. On Oct. 14, 2013, Standard&Poor's Ratings Services assigned a preliminary 'B' corporate credit
