S&P ups Laureate Education notes

S&P said it affirmed its B corporate credit rating on Laureate Education Inc. The outlook is stable.

At the same time, S&P raised the issue-level rating on a $250 million tranche of Laureate's senior unsecured notes due 2019 to B- from CCC+ and revised the recovery rating to 5 from 6. The 5 recovery rating indicates an expectation for modest recovery (10%-30%; rounded estimate: 15%) of principal in the event of a payment default.

S&P also withdrew its ratings on the company's senior secured credit facilities due 2018, 2019 and 2021 following their repayment.

“The upgrade of the $250 million senior unsecured notes due 2019 equalizes our ratings on the notes with those on Laureate's recently issued $800 million senior unsecured notes due 2025 to reflect their equal priority of debt claims,” said S&P credit analyst Vishal Merani in a news release.

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