Moody's lowers Nelson Education

Moody's Investors Service said it downgraded Nelson Education Ltd.'s corporate family rating to Caa2 from Caa1, probability of default rating to Caa2-PD from Caa1-PD and the ratings on its revolving credit facility and first-lien term loan to B3 from B2.

Moody's affirmed the Caa3 rating on the company's second-lien term loan.

The outlook remains negative.

The downgrade reflects elevated refinance risk related to Nelson's upcoming debt maturities, particularly due to the company's high leverage, challenges facing the book publishing industry and Moody's expectation for continued weak financial results in the near term, the agency said.

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