S&P Cuts Vista-Backed Solera’s Credit Rating Further Into Junk

S&P Global Ratings cut its credit grade on Solera further into junk, as the Vista Equity Partners-backed software company struggles with a high debt load and negative cash flow.

S&P downgraded Solera’s ratings to CCC+ from B-, or seven steps into non-investment grade status, according to a Monday statement. The ratings firm said it expects the company, which provides software services to the automotive industry, will not be cash flow positive for the 2025 fiscal year ending on March 31.

The Westlake, Texas-based company has enough liquidity to keep operating over the next 12 months, but its long-term ...