Moody’s shifts Learning Care view to stable

Moody’s Investors Service said it changed Learning Care Group (US) No. 2 Inc.’s outlook to stable from negative.

“The revision of outlook to stable from negative reflects Moody’s expectation that operating performance including enrollment and center occupancy rates will continue to recover in 2021 as a higher share of the public receives vaccinations and the coronavirus pandemic subsides. Learning Care’s lease-adjusted debt-to-EBITDA leverage stood at about 8.6x for the LTM period ended Dec. 30, 2020, and Moody’s expects it will decline to approach 6x over the next 12 to 18 months,” the agency said in a press release.

Moody’s also affirmed Learning Care’s Caa1 corporate family rating and Caa1-PD probability of default rating. Concurrently, the agency affirmed the company’s first-lien credit facilities B3 rating and the Caa3 rating on the second-lien term loan.

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