S&P: Serena Software loan B+

Standard & Poor's said it assigned a B+ issue rating to Serena Software Inc.'s extended revolving credit loan maturing March 10, 2015 and extended term loan maturing March 10, 2016 along with a recovery rating of 2.

In addition, the agency said it affirmed its B corporate credit rating on the company.

The outlook is stable.

"The ratings on Serena reflect its narrow business profile, a highly competitive environment with significantly larger competitors, and a highly leveraged financial profile," said S&P credit analyst Alfred Bonfantini.

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