Moody's could lower BMC

Moody's Investors Service said BMC Software Inc.'s (Baa2, ratings under review for downgrade) recent proposal to noteholders to effectively waive the change-of-control provision in their $300 million 7¼% senior notes due 2018 exposes that note issue to a multi-notch downgrade if the amendment is approved, particularly if the notes are expected to remain in place after the company's going-private transaction closes.

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