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S&P lowers Global University view to negative
S&P said it revised the outlook on Global University Systems Holding BV to negative from stable.
The agency also said it affirmed the company’s B+ long-term corporate credit rating, along with the B+ rating on its senior secured debt issued by subsidiary Lake Bridge International plc.
The 3 recovery rating on this debt is unchanged, reflecting 50% to 70% expected default recovery.
S&P also said it affirmed the BB rating with a 1 recovery rating, which indicates 90% to 100% expected default recovery, on the group's £15 million super senior revolving credit facility.
The outlook revision primarily reflects the company’s more aggressive financial policy than previously expected, especially with regard to debt-funded acquisitions, the agency said.
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