The ratings on Salesforce.com are unsolicited because we do not have a rating agreement with this entity. We believe there is sufficient market interest in the company's debt to initiate analytical coverage. San Francisco-based Salesforce.com Inc., a leading provider of on-demand customer relationship management (CRM) solutions, has issued $1.15 billion of 0.25% convertible senior notes due 2018, pursuant to Rule 144A. We are assigning our 'BB' corporate credit rating with a stable outlook to the company and assigning a 'BB' rating to the notes with a recovery rating of '3'. The stable rating outlook reflects our expectation that the company will maintain its market position and manage debt to EBITDA at current levels over the near term. On April 19,
