S&P ups Ceridian HCM

S&P said it upgraded the ratings for Ceridian HCM Holding Inc. and its senior secured bank debt to B+ from B. The recovery rating on the debt is unchanged at 3.

“The upgrade primarily reflects our expectation of improved credit measures with S&P Global Ratings' adjusted debt-to-EBITDA of about 4.5x over the next 12 months spurred by the company's strong topline growth. We anticipate Ceridian will expand its market share in the HCM market organically through its Dayforce cloud service by adding new customers and upselling to the existing customer base,” said S&P in a press release.

The outlook is stable.

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