S&P affirms Hyland Software

S&P said it affirmed Hyland Software Inc.’s ratings despite a planned $419 million dividend to be paid through debt and cash on hand.

“The affirmation reflects Hyland Software’s aggressive financial policy, our expectation that it will generate positive annual free operating cash flow, and the good organic growth prospects for most of the business,” S&P said in a news release.

The outlook is stable, which mirrors S&P’s expectation that Hyland’s leverage will stay above 7X over the next 12 months, the agency said.

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