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

Summary: Sophia L.P.

Published May 13, 2014

1797 words — Published May 13, 2014

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Abstract:

Narrow business profile with other well-capitalized competitors in selected domains; Market leader in the higher-education enterprise resource planning (ERP) market; Large proportion of recurring revenues; and High retention rates. Financial sponsor ownership; High, but slowly dropping leverage; and Positive annual free operating cash flow (FOCF). The negative outlook reflects Sophia L.P.'s highly leveraged structure and our expectation that EBITDA growth will result in only modest leverage reduction in the near term. We could lower the rating if a lack of EBITDA growth or other actions to reduce debt resulted in leverage remaining in the high-7x area. We may revise the outlook to stable if revenue and EBITDA growth result in leverage in the mid-7x area. U.S. real GDP growth rate

Brief Excerpt:

RESEARCH Summary: Sophia L.P. Publication date: 13-May-2014 Primary Credit Analyst: Jacob L Schlanger, New York (1) 212-438-7238; jacob.schlanger@standardandpoors.com Secondary Contact: Katarzyna Nolan, New York (1) 212-438-6234;...

Report Type:

Summary

Issuer

Ellucian Holdings Inc

Sector

Global Issuers

Country

United States

Region

United States

Format:

PDF

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

Research Update: Sophia L.P. Outlook Is Revised To Stable From Negative On Increased Revenue And Reduced Debt; 'B' Rating Affirmed – 2014/11/07 – US$ 225.00

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

Sophia L.P. Ratings Unchanged On Repricing Of Its $998 Million Outstanding Term Loan B – 2014/03/11 – US$ 150.00

Bulletin: Sophia L.P. Rating No Longer Under Criteria Observation Following Completion Of Review – 2013/11/20 – Free

Summary: Sophia L.P. – 2013/06/27 – US$ 225.00

Summary: Sophia L.P. – 2012/12/18 – US$ 225.00

Summary: Sophia L.P. – 2012/08/24 – US$ 225.00

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MLA:	S&P Global Ratings’ Credit Research. "Summary: Sophia L.P." May 13, 2014. Alacra Store. May 14, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Summary-Sophia-L-P-1316509>

APA:	S&P Global Ratings’ Credit Research. (). Summary: Sophia L.P. May 13, 2014. New York, NY: Alacra Store. Retrieved May 14, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Summary-Sophia-L-P-1316509>

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