We expect Sophia L.P.'s credit metrics to be weaker than our previous forecast, with current adjusted leverage at around mid-9x, due to normal seasonality in its business. While leverage will improve during the second half of the year, we now expect adjusted leverage to be in the mid- to high 8x area at the end of fiscal 2016. We are lowering our corporate credit rating on Sophia to 'B-' from 'B'. Concurrently, we are lowering our issue-level ratings to 'B-' from 'B' on Sophia's senior secured term loan and to 'CCC' from 'CCC+' on its unsecured notes. The stable outlook reflects Sophia's leading position in the higher education ERP software market, its stable and recurring revenue base, and our expectation
