Home Credit Ratings and Research S&P Global Ratings’ Credit Research Ellucian Holdings Inc

Sophia L.P. Is Downgraded to 'B-' On Weaker-Than-Expected Credit Metrics; Outlook Stable

Published Jun 14, 2016

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Abstract:

SAN FRANCISCO (S&P Global Ratings) June 14, 2016--S&P Global Ratings lowered its corporate credit rating on Fairfax, Va.-based Sophia L.P. to 'B-' from 'B'. The outlook is stable. At the same time, we lowered our issue-level rating on Sophia's senior secured term loan to 'B-' from 'B'. The recovery rating on the senior secured debt remains unchanged at '3', indicating our expectation for meaningful (50%-70%, upper half of the range) recovery in the event of a default. We also lowered our issue-level rating on the company's unsecured notes to 'CCC' from 'CCC+'. The recovery rating on the notes remains unchanged at '6', indicating our expectation for negligible (0%-10%) recovery in the event of a payment default. "The rating action reflects

Report Type:

Ratings Action

Issuer

Ellucian Holdings Inc

Sector

Global Issuers

Country

United States

Region

United States

Format:

PDF

Summary: Sophia L.P. – 2017/10/05 – US$ 225.00

Summary: Sophia L.P. – 2018/11/26 – US$ 225.00

Sophia L.P. – 2019/12/12 – US$ 500.00

Sophia L.P.'s (Ellucian) Proposed First-Lien Debt Rated 'B'; Ratings Unchanged On $298 Million Dividend Recapitalization – 2020/09/17 – US$ 150.00

Sophia L.P. (dba Ellucian) – 2020/12/01 – US$ 500.00

Research Update: Sophia L.P. Downgraded to 'B-' On Weaker-Than-Expected Credit Metrics; Outlook Stable – 2016/06/14 – US$ 225.00

Sophia L.P. Senior Secured Term Loan Rating Lowered To 'B' On Upsizing (Recovery Rating: 3) – 2015/09/18 – US$ 150.00

Sophia L.P. Outlook Is Revised To Negative On Capital Structure Changes; 'B' Rating Affirmed; Debt Ratings Assigned – 2015/09/10 – US$ 150.00

Research Update: Sophia L.P. Outlook Revised To Negative On Capital Structure Changes; 'B' Rating Affirmed; Debt Ratings Assigned – 2015/09/10 – US$ 225.00

Sophia L.P. Outlook Is Revised To Stable From Negative On Increased Revenue And Reduced Debt; 'B' Rating Affirmed – 2014/11/07 – US$ 150.00

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S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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MLA:	S&P Global Ratings’ Credit Research. "Sophia L.P. Is Downgraded to 'B-' On Weaker-Than-Expected Credit Metrics; Outlook Stable" Jun 14, 2016. Alacra Store. May 14, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Sophia-L-P-Is-Downgraded-to-B-On-Weaker-Than-Expected-Credit-Metrics-Outlook-Stable-1656095>

APA:	S&P Global Ratings’ Credit Research. (). Sophia L.P. Is Downgraded to 'B-' On Weaker-Than-Expected Credit Metrics; Outlook Stable Jun 14, 2016. New York, NY: Alacra Store. Retrieved May 14, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Sophia-L-P-Is-Downgraded-to-B-On-Weaker-Than-Expected-Credit-Metrics-Outlook-Stable-1656095>

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