S&P lowers Global Knowledge

Standard & Poor's said it lowered the corporate credit rating on GK Holdings Inc. (Global Knowledge) to B from B+.

The outlook is stable.

The agency also said it lowered the rating on the company's first-lien debt to B from B+. The 3 recovery rating remains unchanged, indicating 50% to 70% expected default recovery.

S&P also said it lowered the rating on Global Knowledge's second-lien term loan to B- from B. The 5 recovery rating remains unchanged, indicating 10% to 30% expected default recovery.

Global Knowledge underperformed expectations for revenue growth, EBITDA margins and adjusted debt leverage since its debt issuance in January 2015, the agency said.

S&P also said it expected that revenue would grow at a mid- to high-single-digit percentage rate and adjusted debt leverage would decrease to the mid-4x range by the end of 2015.

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