New Management & Governance Scores Assigned To 182 Credits In The Business And Technology Services Sector

In This List

NEWS

COMMENTS

Table Of Contents: S&P Global Ratings Corporate And Infrastructure Finance Criteria

COMMENTS

Retail Brief: European Retailers Set Out Their Stalls For The Golden Quarter

COMMENTS

Instant Insights: Key Takeaways From Our Research

COMMENTS

Digital Assets Brief: Crypto's Trump Card

NEWS
COMMENTS
24 Jan, 2024 | 14:27
United States of America, Latin America, EMEA, APAC, Canada

View Analyst Contact Information

NEW YORK (S&P Global Ratings) Jan. 24, 2024--On Jan. 7, 2024, S&P Global Ratings published its revised criteria for evaluating the credit risks presented by an entity's management and governance (M&G) framework, "Management And Governance Credit Factors For Corporate Entities." These criteria apply globally to all corporate ratings including investment holding companies and to certain nonbank financial institution entities that we rate using our Corporate Methodology. The terms management and governance encompass the broad range of oversight and direction conducted by an entity's owners, board representatives, and executive managers. These activities and practices can impact an entity's creditworthiness and, as such, the M&G modifier is an important component of our analysis.

Subsequently, we have completed the review of the below 182 companies within the business and technology services sector under the new criteria.

As a result, S&P Global Ratings assigned a new M&G modifier to each of the below companies. Ratings on all 182 companies remain unchanged.

M&G SCORES ASSIGNED

4L Topco Corp. To Moderately Negative From Fair
A&V Holdings Holdco LLC To Moderately Negative From Fair
ABC Financial Intermediate LLC To Moderately Negative From Fair
Accenture plc To Positive From Strong
Access CIG LLC To Moderately Negative From Fair
ACI Worldwide Inc. To Neutral From Fair
ADT Inc. To Neutral From Fair
Ahead DB Holdings LLC To Moderately Negative From Fair
AIP RD Buyer Corp. To Moderately Negative From Fair
APX Group Holdings Inc. To Neutral From Fair
Anywhere Real Estate Group LLC To Neutral From Fair
Apple Bidco LLC To Moderately Negative From Fair
Aramsco Inc. To Moderately Negative From Fair
Mercury Borrower Inc. To Moderately Negative From Fair
Asplundh Tree Expert LLC To Neutral From Fair
Atlas CC Holding LLC To Moderately Negative From Fair
Atlas Ontario L.P. To Moderately Negative From Fair
Automatic Data Processing Inc. To Positive From Strong
BCP V Everise Acquisition LLC To Moderately Negative From Fair
BCPE Empire Holdings Inc. To Moderately Negative From Fair
Belfor Holdings Inc. To Moderately Negative From Fair
BetaNXT Inc. To Moderately Negative From Fair
Blackhawk Network Holdings Inc. To Moderately Negative From Fair
BrightView Landscapes LLC To Moderately Negative From Fair
The Brink's Co. To Neutral From Fair
Broadridge Financial Solutions Inc. To Neutral From Satisfactory
Capstone Borrower Inc. To Moderately Negative From Fair
Cast & Crew LLC To Moderately Negative From Fair
CB Poly Investments LLC To Moderately Negative From Fair
CD&R Vialto UK Intermediate 3 Ltd. To Negative From Weak
CDK Global II LLC To Moderately Negative From Fair
CDW Corp. To Neutral From Satisfactory
CE Intermediate I LLC To Moderately Negative From Fair
Cintas Corp. To Positive From Strong
CoAdvantage Corp. To Moderately Negative From Fair
Cobra Holdings Inc. To Moderately Negative From Fair
CommerceHub Inc. To Moderately Negative From Fair
Concentrix Corp. To Neutral From Satisfactory
Conduent Inc. To Moderately Negative From Fair
Conservice Group Holdings LLC To Moderately Negative From Fair
Global Payments Inc. To Neutral From Satisfactory
Escape Velocity Holdings Inc. To Moderately Negative From Fair
MeridianLink Inc. To Moderately Negative From Fair
ConvergeOne Holdings Inc. To Moderately Negative From Fair
Convergint Technology Group Holdings LLC To Moderately Negative From Fair
CoolSys Inc. To Moderately Negative From Fair
CoreCivic Inc. To Neutral From Satisfactory
CoreLogic Inc. To Moderately Negative From Fair
Lereta LLC To Moderately Negative From Fair
CoStar Group Inc. To Neutral From Fair
CRCI Longhorn Holdings Inc. To Moderately Negative From Fair
CT Technologies Intermediate Holdings Inc. To Moderately Negative From Fair
Divisions Holding Corp. To Moderately Negative From Fair
Dodge Construction Network LLC To Moderately Negative From Fair
Double Eagle Buyer Inc. To Moderately Negative From Fair
DTI Holdco Inc. To Moderately Negative From Fair
DXC Technology Co. To Neutral From Satisfactory
EagleView Technology Corp. To Moderately Negative From Fair
Empower Payments Intermediate Holdings Inc. To Moderately Negative From Fair
Fiserv Inc. To Neutral From Satisfactory
Fidelity National Information Services Inc. To Neutral From Satisfactory
New Boost Holdco LLC To Moderately Negative From Fair
Ensono Intermediate HoldCo Inc. To Moderately Negative From Fair
EP Global Production Solutions LLC To Moderately Negative From Fair
Equifax Inc. To Neutral From Fair
EVERTEC Inc. To Neutral From Fair
Fair Isaac Corp. To Neutral From Fair
First Advantage Holdings LLC To Neutral From Fair
Foundever Group SA To Moderately Negative From Fair
Genuine Financial Holdings LLC To Moderately Negative From Fair
The GEO Group Inc. To Neutral From Fair
Getty Images Inc. To Neutral From Fair
Global IID Parent LLC To Moderately Negative From Fair
Gloves Buyer Inc. To Moderately Negative From Fair
Go Daddy Operating Co. LLC To Neutral From Fair
GoodRx Inc. To Neutral From Fair
Grubhub Inc. To Moderately Negative From Fair
Halo Buyer Inc. To Moderately Negative From Fair
HealthEquity Inc. To Neutral From Fair
I-Logic Technologies Bidco Ltd. To Moderately Negative From Fair
ImageFirst Holdings LLC To Moderately Negative From Fair
Inmar Inc. To Moderately Negative From Fair
Installed Building Products Inc. To Neutral From Fair
iQor Holdings Inc. To Moderately Negative From Fair
Iron Mountain Inc. To Neutral From Fair
Jacobs Engineering Group Inc. To Neutral From Fair
KAMC Holdings Inc. To Moderately Negative From Fair
KCIBT Holdings L.P. To Moderately Negative From Fair
The Knot Worldwide Inc. To Moderately Negative From Fair
Kyndryl Holdings Inc. To Neutral From Fair
Legence Holdings LLC To Moderately Negative From Fair
LHS Borrower LLC To Moderately Negative From Fair
Likewize Corp. To Moderately Negative From Fair
Liquid Tech Solutions Holdings LLC To Moderately Negative From Fair
Nexus Buyer LLC To Moderately Negative From Fair
Mars Intermediate Ltd. To Moderately Negative From Fair
Maverick Holdco Inc. To Moderately Negative From Fair
Maximus Inc. To Neutral From Fair
Minotaur Acquisition Inc. To Moderately Negative From Fair
Newfold Digital Holdings Group Inc. To Moderately Negative From Fair
Monotype Imaging Holdings Inc. To Moderately Negative From Fair
MSCI Inc. To Neutral From Satisfactory
NAB Holdings LLC To Moderately Negative From Fair
Nuvei Corp. To Moderately Negative From Fair
OMNIA Partners Inc. To Moderately Negative From Fair
Onbe Inc. To Moderately Negative From Fair
Optiv Inc. To Moderately Negative From Fair
Orion Advisor Solutions Inc. To Moderately Negative From Fair
PPT Holdings I LLC To Moderately Negative From Fair
Presidio LLC To Moderately Negative From Fair
Priority Technology Holdings Inc. To Moderately Negative From Fair
Project Boost Purchaser LLC To Moderately Negative From Fair
Project Everest Ultimate Parent LLC To Moderately Negative From Fair
Rackspace Technology Global Inc. To Moderately Negative From Fair
RCP Vega Inc. To Moderately Negative From Fair
RE/MAX LLC To Neutral From Fair
RealPage Inc. To Moderately Negative From Fair
Ryan LLC To Neutral From Fair
S&S Holdings LLC To Moderately Negative From Fair
S2P Acquisition Borrower Inc. To Moderately Negative From Fair
Saber Intermediate Corp. To Moderately Negative From Fair
Signal Parent Inc. To Moderately Negative From Fair
SIRVA Inc. To Moderately Negative From Fair
Skopima Consilio Parent LLC To Moderately Negative From Fair
Sovos Compliance LLC To Moderately Negative From Fair
Spin Holdco Inc. To Moderately Negative From Fair
Staples Inc. To Moderately Negative From Fair
Storable Inc. To Moderately Negative From Fair
SuperMoose Newco Inc. To Moderately Negative From Fair
Target Hospitality Corp. To Neutral From Fair
Tecta America Corp. To Moderately Negative From Fair
Tegra118 Wealth Solutions Inc. To Moderately negative From Fair
Tempo Acquisition LLC To Neutral From Fair
Thermostat Purchaser III Inc. To Moderately Negative From Fair
ThoughtWorks Inc. To Neutral From Fair
TKC Holdings Inc. To Moderately Negative From Fair
TopBuild Corp. To Neutral From Fair
TransUnion To Neutral From Satisfactory
TriNet Group Inc. To Neutral From Fair
UL Solutions Inc. To Neutral From Fair
Unisys Corp. To Neutral From Fair
UST Holdings Ltd. To Neutral From Fair
Veregy Intermediate Inc. To Moderately Negative From Fair
Verint Systems Inc. To Neutral From Fair
Verisk Analytics Inc. To Neutral From Satisfactory
Verra Mobility Corp. To Neutral From Fair
Virtusa HoldCo Inc. To Moderately Negative From Fair
VT Topco Inc. To Moderately Negative From Fair
W3 Topco LLC To Moderately Negative From Fair
WASH Multifamily Acquisition Inc. To Moderately Negative From Fair
WMB Holdings Inc. To Moderately Negative From Fair
World Wide Technology Holding Co. LLC To Neutral From Fair
ZipRecruiter Inc. To Neutral From Fair
Citco III Ltd. To Neutral From Fair
Transnetwork LLC To Moderately Negative From Fair
Adtalem Global Education Inc. To Neutral From Fair
AG Group Holdings Inc. To Moderately Negative From Fair
AlixPartners LLP To Moderately Negative From Fair
American Public Education Inc. To Moderately Negative From Fair
Ankura Holdings L.P. To Moderately Negative From Fair
Ascend Learning LLC To Moderately Negative From Fair
ASGN Inc. To Neutral From Fair
ASP Dream Acquisition Co. LLC To Moderately Negative From Fair
Avatar Holdco LLC To Moderately Negative From Fair
Bright Horizons Family Solutions LLC To Neutral From Fair
CareerBuilder LLC To Moderately Negative From Fair
Duff & Phelps Holdings Corp. To Moderately Negative From Fair
Eisner Advisory Group LLC To Moderately Negative From Fair
EmployBridge Holding Co. To Moderately Negative From Fair
FTI Consulting Inc. To Neutral From Fair
Korn Ferry To Neutral From Fair
KUEHG Corp. To Moderately Negative From Fair
Learning Care Group (US) No. 2 Inc. To Moderately Negative From Fair
ManpowerGroup Inc. To Neutral From Satisfactory
McKissock Investment Holdings LLC To Moderately Negative From Fair
OCM System One Buyer CTB LLC To Moderately Negative From Fair
Prometric Holdings Inc. To Moderately Negative From Fair
Spring Education Group Inc. To Moderately Negative From Fair
Teneo Global LLC To Moderately Negative From Fair
Tribe Buyer LLC To Moderately Negative From Fair
Vaco Holdings LLC To Moderately Negative From Fair
VSTG Acquisition Parent Corp. To Moderately Negative From Fair

This report does not constitute a rating action.

The report is available to RatingsDirect subscribers at www.capitaliq.com. If you are not a RatingsDirect subscriber, you may purchase a copy of the report by sending an e-mail to research_request@spglobal.com. Ratings information can also be found on S&P Global Ratings' public website by using the Ratings search box at www.spglobal.com/ratings.

Primary Credit Analyst:	Pasha P Azadmard, CFA, New York 212-438-1641; pasha.azadmard@spglobal.com
Secondary Contacts:	Christine Besset, Dallas + 1 (214) 765 5865; christine.besset@spglobal.com
	Anne-Charlotte Pedersen, New York + 1 (212) 438 6816; anne-charlotte.pedersen@spglobal.com
	Nishit K Madlani, New York + 1 (212) 438 4070; nishit.madlani@spglobal.com

No content (including ratings, credit-related analyses and data, valuations, model, software, or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced, or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor’s Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees, or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness, or availability of the Content. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an “as is” basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED, OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages.

Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. S&P’s opinions, analyses, and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment, and experience of the user, its management, employees, advisors, and/or clients when making investment and other business decisions. S&P does not act as a fiduciary or an investment advisor except where registered as such. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives. Rating-related publications may be published for a variety of reasons that are not necessarily dependent on action by rating committees, including, but not limited to, the publication of a periodic update on a credit rating and related analyses.

To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P reserves the right to assign, withdraw, or suspend such acknowledgement at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal, or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof.

S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain nonpublic information received in connection with each analytical process.

S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, www.spglobal.com/ratings (free of charge), and www.ratingsdirect.com (subscription), and may be distributed through other means, including via S&P publications and third-party redistributors. Additional information about our ratings fees is available at www.spglobal.com/usratingsfees.

Create a free account to unlock the article.

Gain access to exclusive research, events and more.

Already have an account? Sign in