Alight enjoys a long-term-contract-driven revenue model, and a $2.5 billion revenue base supported by a large, diverse set of customers whose largely white-collar employees have been generally insulated from the COVID pandemic's impacts. Its employee-benefits services constitute critical, embedded functions within its customers' operations. Given these stabilizing factors and the magnitude of the leverage, free-cash-flow and liquidity improvements, Moody's could consider up to a two-notch upgrade to Alight's CFR as we complete our review. However, because subordinated debt is expected to be eliminated from the capital structure, first-lien debt would no longer benefit from the ratings support junior debt otherwise provides. As such, Moody's Loss Given Default ("LGD") methodology would likely dictate that the first-lien debt's instrument ratings would not improve in step with the change in CFR, but would likely be placed at the same level as the CFR.