Symplr Software Intermediate Holdings Inc. has launched a new money financing and maturity extension transaction. S&P Global Ratings believes the proposed transaction will be distressed and tantamount to a default because the company?s lenders will receive less value than they were originally promised. Therefore, we lowered our issuer credit rating on Symplr to ?CC? from ?CCC+?. Furthermore, we lowered our issue-level ratings on the company?s tranche I and tranche II first-lien term loans to ?CC? from ?B-? and on its revolver to ?CCC+? from ?B-?. We also revised the recovery ratings to ?3? (rounded estimate: 60%) from ?2? (rounded estimate: 75%). The negative outlook reflects our expectation that we will lower our rating to ?SD? (selective default) upon completion of
