Fitch Ratings has affirmed the ratings of nine North American Technology software companies and their related subsidiaries and affiliates.
These actions follow the update of Fitch's 'Corporate Rating Criteria' and the 'Sector Navigators Addendum to the Corporate Rating Criteria' on
Key Rating Drivers
For full key ratings drivers for each issuer, please see the RACs listed below:
'Fitch Affirms Rocket Software Inc. at 'B'; Outlook Remains Stable,' dated
'Fitch Affirms Tungsten's Long-Term IDR at 'B-', Assigns 'BB-/RR1' to ABL Facility,' dated
'Fitch Downgrades Ivanti to 'RD'; Upgrades IDRs to 'B-'; Assigns Stable Outlook,' dated
'Fitch Affirms ConnectWise's IDR at 'B+'; Outlook Stable,' dated
'Fitch Affirms Waystar Holding Corp.'s IDR at 'BB' Following Acquisition Announcement; Outlook Stable,' dated
'Fitch Affirms Conga IDR at 'B+'; Downgrades First Lien Term Loan to 'BB'/'RR2'; Outlook Stable,' dated
'Fitch Rates Uber's Senior Unsecured Notes Offering 'BBB+',' dated
'Fitch Affirms Cadence Design System at 'A-'; Outlook Stable,' dated
'Fitch Assigns Calabrio, Inc. First-Time 'B' IDR; Outlook Stable,' dated
Peer Analysis
Refer to the RAC for each issuer.
Fitch's Key Rating-Case Assumptions
Refer to the RAC for each issuer.
Corporate Rating Tool Inputs and Scores
Fitch scored the issuer as follows, using our Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP):
The Standalone Credit Profile is 'b'.
Fitch scored the issuer as follows, using our Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP):
The SCP is 'b-'.
Fitch scored the issuer as follows, using our Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP):
The SCP is 'b-'.
Fitch scored the issuer as follows, using our Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP):
The SCP is 'b+'.
Fitch scored the issuer as follows, using our Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP):
Business and financial profile factors (assessment, relative importance): Management (bb+, Moderate), Sector Characteristics (bbb-, Moderate), Market and Competitive Positioning (bbb-, Moderate), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bbb+, Lower), Profitability (a-, Lower), Financial Structure (bbb-, Higher), and Financial Flexibility (bb, Higher).
The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027.
Weakest link considerations adjustment is applied based on Financial Structure factor and results in an adjustment of -1 notch(es).
The Governance assessment of 'Good' results in no adjustment.
The Operating Environment assessment of 'aa-' results in no adjustment.
The calibration adjustment applies and results in no adjustment.
The SCP is 'bb'
Fitch scored the issuer as follows, using our Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP):
The SCP is 'b+'
Fitch scored the issuer as follows, using our Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP):
Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bb+, Moderate), Market and Competitive Positioning (a-, Higher), Diversification and Asset Quality (bbb+, Higher), Company Operational Characteristics (bb, Lower), Profitability (bb+, Moderate), Financial Structure (aa, Moderate), and Financial Flexibility (a+, Moderate).
The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027.
The Governance Impact assessment of 'Good' results in no adjustment.
The Operating Environment Impact assessment of 'aa-' results in no adjustment.
The SCP is 'bbb+'.
Fitch scored the issuer as follows, using our Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP):
Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (a-, Moderate), Market and Competitive Positioning (a-, Moderate), Diversification and Asset Quality (bbb, Higher), Company Operational Characteristics (bbb+, Moderate), Profitability (a, Moderate), Financial Structure (aa-, Moderate), and Financial Flexibility (a+, Higher).
The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40%
for the forecast year 2026 and 40% for the forecast year 2027.
The Governance assessment of 'Good' results in no adjustment.
The Operating Environment assessment of 'a+' results in no adjustment.
The SCP is 'a-'.
Fitch scored the issuer as follows, using our Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP):
The Standalone Credit Profile is 'b'
Recovery Analysis
Refer to the RAC for each issuer.
RATING SENSITIVITIES
Refer to the RAC for each issuer.
Liquidity and Debt Structure
Refer to the RAC for each issuer.
Issuer Profile
Refer to the RAC for each issuer.
Summary of Financial Adjustments
Refer to the RAC for each issuer.
Sources of Information
Refer to the RAC for each issuer.
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING
The principal sources of information used in the analysis are described in the Applicable Criteria.
MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS
Click here to access Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in our credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included.
Climate Vulnerability Signals
The results of our Climate.VS screener did not indicate an elevated risk for
ESG Considerations
Refer to the RAC for each issuer.
Additional information is available at https://www.fitchratings.com
RATING ACTIONS
Entity / Debt
Rating
Recovery
Prior
LT IDR
B
Affirmed
B
senior unsecured
LT
CCC+
Affirmed
RR6
CCC+
senior secured
LT
BB-
Affirmed
RR2
BB-
Tungsten Automation Receivables European Purchaser SPV
senior secured
LT
BB-
Affirmed
RR1
BB-
senior secured
LT
BB-
Affirmed
RR1
BB-
LT IDR
B+
Affirmed
B+
senior secured
LT
BB+
Affirmed
RR1
BB+
LT IDR
B-
Affirmed
B-
Page
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VIEW ADDITIONAL RATING DETAILS
Additional information is available on www.fitchratings.com
PARTICIPATION STATUS
The rated entity (and/or its agents) or, in the case of structured finance, one or more of the transaction parties participated in the rating process except that the following issuer(s), if any, did not participate in the rating process, or provide additional information, beyond the issuer's available public disclosure.
APPLICABLE CRITERIA
Corporates Recovery Ratings and Instrument Ratings Criteria (pub.
Corporate Hybrids Treatment and Notching Criteria (pub.
Parent and Subsidiary Linkage Rating Criteria (pub.
Corporate Rating Criteria (pub.
Sector Navigators - Addendum to the Corporate Rating Criteria (pub.
APPLICABLE MODELS
Numbers in parentheses accompanying applicable model(s) contain hyperlinks to criteria providing description of model(s).
Corporate Monitoring & Forecasting Model (COMFORT Model), v8.2.0 (
ADDITIONAL DISCLOSURES
Dodd-Frank Rating Information Disclosure Form
Solicitation Status
Endorsement Policy
ENDORSEMENT STATUS
Cadence Design Systems Inc. EU Endorsed,UK Endorsed
Rocket Software, Inc. EU Endorsed,UK Endorsed
ConnectWise Holdings, LLC EU Endorsed,UK Endorsed
ConnectWise, LLC EU Endorsed,UK Endorsed
Waystar Holding Corp. EU Endorsed,UK Endorsed
Waystar Technologies, Inc. EU Endorsed,UK Endorsed
Conga Corporation EU Endorsed,UK Endorsed
Project Everest Ultimate Parent, LLC EU Endorsed,UK Endorsed
Uber Technologies, Inc. EU Endorsed,UK Endorsed
Calabrio Holdings, Inc. EU Endorsed,UK Endorsed
Calabrio, Inc. EU Endorsed,UK Endorsed
Icon Software Holdings, Inc. EU Endorsed,UK Endorsed
Ivanti Security Holdings LLC EU Endorsed,UK Endorsed
Ivanti Software, Inc. EU Endorsed,UK Endorsed
Project Leopard Holdings, Inc. EU Endorsed,UK Endorsed
Tungsten Automation AR SPV, LLC EU Endorsed,UK Endorsed
Tungsten Automation Receivables European Purchaser SPV EU Endorsed,UK Endorsed
Tungsten CayCo, Ltd. EU Endorsed,UK Endorsed
DISCLAIMER & DISCLOSURES
All Fitch Ratings (Fitch) credit ratings are subject to certain limitations and disclaimers. Please read these limitations and disclaimers by following this link: https://www.fitchratings.com/understandingcreditratings. In addition, the following https://www.fitchratings.com/rating-definitions-document details Fitch's rating definitions for each rating s
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Solicitation Status
The ratings above were solicited and assigned or maintained by Fitch at the request of the rated entity/issuer or a related third party. Any exceptions follow below.
Fitch's solicitation status policy can be found at www.fitchratings.com/ethics.
Endorsement Policy
Fitch's international credit ratings produced outside the EU or the
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