S&P lifts Laureate facility

S&P said it raised its issue-level rating on Laureate Education Inc.'s senior secured credit facility to B+ from B and revised the recovery rating to 2 from 3.

The recovery rating indicates an expectation for substantial recovery (70%-90%; rounded estimate: 75%) in the event of a payment default.

The agency said the upgrade follows the company's repayment of $350 million of the term loan borrowings primarily from assets sale proceeds.

The issue-rating upgrade reflects lower outstanding secured debt under a simulated default scenario and higher recovery prospects for secured lenders, S&P said.

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