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.
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| 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 |
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