We project Alight Solutions' steady growth and interest rate hedges will enable it to maintain credit metrics commensurate with our 'B+' issuer credit rating, including adjusted leverage below 6x and free operating cash flow (FOCF) to debt above 5%, while it funds its technology infrastructure investments in 2023 and 2024. Therefore, we affirmed all our ratings, including the 'B+' issuer credit rating on the company and the 'BB-' issue-level ratings on its revolver, term loan, and senior secured notes. The recovery rating on the debt remains '2'. The stable outlook reflects our expectation leverage will decline below 6x by year-end 2023, with improving free cash flow generation despite large restructuring investments. Most of these restructuring costs will be incurred this
