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Moody’s: MHGE Parent view to negative
Moody's Investors Service said it changed the outlook on MHGE Parent, LLC to negative due to the secular issues impacting the key markets to which McGraw-Hill Education sells its learning materials.
The agency affirmed the company’s B2 corporate family rating and B2-PD probability of default rating. The ratings on existing HoldCo notes were also affirmed at Caa1.
Moody's also affirmed Ba3 rating on the senior secured credit facility and B3 rating on the senior unsecured notes issued by McGraw-Hill Global Education Holdings, LLC (a subsidiary of MHGE Parent).
Moody’s said the outlook change reflects difficult conditions in the learning materials selling markets that MHGE serves. The higher education segment is exposed to secularly declining enrollment trends amidst an increasingly competitive environment with peers, and rental and used market providers, the agency added.
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