SS&C Technologies Inc.'s Secured Debt Rating Raised To 'BB+' On Unsecured Note Upsizing, Recovery Rating Revised To '2'
SAN FRANCISCO (S&P Global Ratings) March 15, 2019--S&P Global Ratings today revised its recovery rating on Windsor, Conn.-based SS&C Technologies Inc.'s term loan B (TLB) tranche and SS&C European Holdings S.A.R.L.'s TLB-4 to '2' from '3'. The '2' recovery rating indicates our expectation for substantial (70%-90%; rounded estimate: 70%) recovery in the event of a default. At the same time, we raised our issue-level ratings on the TLBs to 'BB+' from 'BB' in accordance with our notching criteria for a '2' recovery rating. All of our other ratings on SS&C remain unchanged. We expect that the company will use the proceeds from the $1.25 billion upsize, along with the previously announced $750 million note issuance, to repay a portion of its existing TLB-3 (expected balances at close: B1-$515 million, B3-$2.31 billion, B5-$1.86 billion, and SS&C European Holdings S.A.R.L.'s B4-$1.63 billion). The