S&P puts Flexera on watch

Standard & Poor's said it placed the B+ corporate credit rating on Flexera Software Inc. on CreditWatch with negative implications.

The CreditWatch follows news that Teachers' Private Capital, the private investment arm of the Ontario Teachers' Pension Plan, will acquire a majority interest in Flexera.

The company's existing credit facilities will be refinanced, the agency said, with those ratings withdrawn at the close of the transaction following refinancing.

Although no terms have been announced, based on Flexera's relatively modest revenue and EBITDA base, S&P said it believes the incremental debt from the transaction could potentially weaken the company's credit profile, depending on the amount of incremental debt.

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