S&P turns Adtalem view to positive

S&P said it turned its outlook for Adtalem Global Education Inc. to positive from stable and affirmed the B- ratings on the company, its loans and its unsecured notes.

“The BB- rating and positive outlook reflect our expectation that despite meaningful deleveraging from Adtalem's divestiture and subsequent paydown of $770 million of debt, leverage will be about 3.3x in fiscal 2022. But we expect leverage could be in the mid- to high-2x area in fiscal 2023 despite the announced share buybacks,” the agency said in a press release.

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