Fitch assigns B+ to Houghton loan

Fitch Ratings said it rated Houghton Mifflin Harcourt Co.’s new first-lien term loan B+/RR3. The agency also affirmed Houghton Mifflin Harcourt's first-lien credit facilities rating at B+/RR3 and its B issuer default rating.

The rating affirmation follows Houghton Mifflin Harcourt closing its acquisition of NWEA, Fitch said.

“Fitch views NWEA's acquisition positively as it expands Houghton Mifflin Harcourt's K-12 instructional and assessment content, accelerates its transformation into a digital subscription provider and provides cross-sell opportunities through the company's broader sales force and customer base. NWEA also presents expense synergy opportunities as it converts from a not-for-profit organization,” the agency said in a press release.

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