Sophia L.P., a U.S. provider of enterprise resource planning (ERP) software products and services to higher education institutions, reported improved operating performance and lower leverage for the quarter ended June 30, 2014. We are affirming the 'B' corporate credit rating on Sophia. In addition, we are raising the issue-level rating to 'BB-' from 'B+' and revising the recovery rating to '1' from '2' on the company's $1,200 million senior secured credit facilities (comprising the $125 million revolving credit facility maturing 2017 and the $1,075 million term loan maturing 2018). The 'CCC+' issue-level rating and '6' recovery rating on the company's $530 million unsecured notes maturing 2019 and the structurally subordinated $400 million payment-in-kind (PIK) holding company toggle notes maturing 2018
