New York, July 17, 2014 -- Moody's Investors Service, ("Moody's") assigned a B1 rating to Ceridian LLC's ("Ceridian") new $702 million HCM Exchange Term Loan Tranche B-2 ("HCM Term Loan"), and the new $125 million senior secured revolver ("New Revolver"). Moody's affirmed the B1 rating on the existing $1.4 billion Senior Secured Term Loan B, which is being amended and will be renamed Term Loan B-1 Tranche ("Ceridian Term Loan"), with $673 million outstanding following this refinancing. All other ratings, including the B3 corporate family rating (CFR) and B3-PD probability of default rating (PDR), were affirmed. The rating outlook remains stable.

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