S&P changes Kofax to stable

S&P said it revised its outlook on Kofax Inc. to stable from negative and affirmed its B corporate credit rating.

At the same time, the agency affirmed the B issue-level rating on the company's first-lien credit facility. The 3 recovery rating remains, indicating an expectation for meaningful (50%-70%; rounded estimate: 50%) recovery for lenders in the event of a payment default.

S&P said the stable outlook reflects that Kofax's adjusted leverage is now in the high 5 times area, which is down from the high 6 times area as of the close of its acquisition by Thoma Bravo in July 2017.

Additionally, Kofax has made significant progress in its separation from Lexmark, including completing the integration of Readsoft while simultaneously carving out Perceptive Software, the agency added.

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