S&P lifts Learning Care, debt to B+

S&P said it raised its corporate credit rating on Learning Care Group (US) No. 2 Inc. by one notch to B+ from B.

The outlook is stable.

At the same time, the agency upgraded its issue-level rating on the company's senior secured debt one notch to B+ from B. The recovery rating is unchanged at 3, indicating an expectation for meaningful recovery (50%-70%; rounded estimate: 60%) of principal in the event of a payment default.

"The upgrade reflects our view of Learning Care's ability to reduce its adjusted leverage to below 4x by the fiscal year ending June 30, 2017, and our expectation that the risk of its leverage rising above 5x is low over the next 12-18 months," S&P credit analyst Kathryn Archibald said in a news release.

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