S&P: Serena loan unchanged

Standard & Poor's said its B+ rating on Serena Software Inc.'s proposed $117 million term loan B due 2016 remains unchanged. The recovery rating remains 2.

The B corporate credit rating and stable outlook on Serena also remain unchanged, along with S&P's other issue and recovery ratings on the company's debt.

The agency said the ratings on Serena reflect its narrow business profile, a highly competitive business environment with significantly larger competitors, and a "highly leveraged" financial risk profile.

The company's large maintenance revenue base, which provides a measure of revenue visibility and "adequate" liquidity provide support for the rating.

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