S&P lowers Infor Global, rates loans B, CCC

Standard & Poor's said it lowered its corporate credit rating on Infor Global Solutions Holdings Ltd. to B- from B and removed the rating from CreditWatch, where it was placed with negative implications on May 15.

At the same time, the agency said it assigned its B rating and 1 recovery rating to Infor's proposed $2.15 billion first-lien senior secured bank facility and a CCC rating and 5 recovery rating to Infor's proposed $1.675 billion senior secured subordinated bridge facility.

S&P noted that the ratings reflect Infor's limited track record following a very aggressive acquisition strategy and its high debt leverage, adding that these factors are only partially offset by a leading presence in its selected mid-market niche within the enterprise resource planning software market, a largely recurring revenue base and a diverse customer base.

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