Demand for human capital management (HCM) solutions provider UKG Inc. has remained strong and it is optimizing its cost structure, such that we expect to see improving credit metrics over the next few years. UKG announced it was refinancing its revolving credit facility and first-lien term loan to extend those maturities. Based on its improved credit metrics, S&P Global Ratings revised its outlook to stable from negative and affirmed the 'B-' issuer credit rating on UKG. S&P Global Ratings also assigned a 'B-' issue-level and '3' recovery rating to its refinanced revolving credit facility and first-lien term loan. The stable outlook reflects our expectation that UKG's strong topline growth, mid-80% recurring revenue, EBITDA margins in the mid-20% area, positive free
