S&P boosts Bach Finance

S&P said it raised Bach Finance Ltd.’s (Nord Anglia Education) issuer rating to B from B-.

“Nord Anglia reported good revenue and EBITDA growth in 2022, largely supported by an increase in revenue per student, while utilization rates remain below pre-pandemic levels. Nord Anglia reported revenue growth of 13% in fiscal year ending Aug. 31, 2022, up to $1.54 billion, with growth in all areas except the China International business, where COVID-19-related restrictions on mobility led to stable revenue,” S&P said in a press release.

The agency noted Nord Anglia Education is seeking to refinance its capital structure, extending the upcoming 2024 and 2025 maturities by three years. “However, we expect rising interest rates to affect the group's cash flow generation and interest coverage in the short to medium term.”

The outlook is stable.

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