S&P upgrades software companies

S&P said it reviewed several of its recovery and issue-level ratings in the U.S. technology software sector for speculative-grade corporate issuers that were considered under criteria observation (UCO) after the agency published its revised recovery ratings criteria Dec. 7.

With the criteria review complete, the agency said it raised the issue-level ratings on 44 rated debt issues and removed the UCO designation.

In each case, the revision to the issue-level rating resulted from a revision to the recovery rating on the debt instrument, S&P explained.

These rating actions stem solely from the application of the revised recovery criteria and do not reflect any change in the assessment of the corporate credit ratings for issuers of the affected debt issues, the agency said.

Active Network Inc.’s and Lanyon Inc.’s senior secured ratings were upgraded to B+ from B with recovery ratings revised to 2L from 3H.

BMC Software Finance Inc.’s senior secured rating was upgraded to B+ from B with recovery rating revised to 2L from 3H.

Change Healthcare Holdings Inc.’s senior secured rating was upgraded to BB- from B+ with recovery rating revised to 1 from 2H.

Deltek Inc.’s senior secured rating was upgraded to B+ from B with recovery rating revised to 2L from 3H.

DigiCert Inc.’s senior secured ratings were upgraded to B from B- with recovery rating to revised 2L from 3H and other senior secured ratings to CCC+ from CCC with recovery rating revised to 5L from 6.

Endurance International Group Inc.’s senior secured rating was upgraded to B+ from B with recovery rating revised to 2L from 3L.

Flexera Software LLC’s senior secured rating was upgraded to B- from CCC+ with recovery rating revised to 5L from 6.

Idera Inc.’s senior secured rating was upgraded to B- from CCC+ with recovery rating revised to 5L from 6.

Infoblox Inc.’s senior secured rating was upgraded to CCC+ from CCC with recovery rating revised to 5L from 6.

Informatica LLC’s senior secured ratings were upgraded to B+ from B with recovery rating revised to 2L from 3L, and other senior secured debt ratings to B- from CCC+ with recovery rating revised to 5L from 6.

iParadigms Holdings LLC’s senior secured rating was upgraded to B from B- with recovery rating revised to 2L from 3H.

Kronos Inc.’s senior secured rating was upgraded to B from B- with recovery rating revised to 2L from 3H.

Navex Global Holdings Co.’s senior secured rating was upgraded to B from B- with recovery rating revised to 2L from 3H.

SolarWinds Holdings Inc.’s senior secured rating was upgraded to B+ from B with recovery rating revised to 2L from 3H.

The senior secured ratings of Solera Holdings Inc., Solera Finance Inc. and Solera Issuer Inc. were upgraded to B+ from B with recovery ratings revised to 2L from 3H.

Sophia LP’s senior secured rating was upgraded to B from B- with recovery rating revised to 2L from 3H.

Tibco Software Inc.’s senior secured rating was upgraded to B from B- with recovery rating revised to 2L from 3L and senior unsecured rating to CCC+ from CCC with recovery rating revised to 5L from 6.

VCVH Holding II Corp.’s senior secured rating was revised to B from B- with recovery rating revised to 2H from 3H.

VF Holding Corp.’s senior secured rating was upgraded to B from B- with recovery rating revised to 2L from 3H.

Idera Inc.’s senior secured rating was affirmed at B with recovery rating revised to 3H from 3L.

Infoblox Inc.’s senior secured rating was affirmed at B- with recovery rating revised to 3H from 3L.

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