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S&P ups Adtalem Global Education
S&P said it raised Adtalem Global Education Inc.’s issuer rating to BB from BB-. The agency also upgraded the senior secured debt rating to BB from BB-.
“The BB rating and stable outlook reflect our expectation that Adtalem's will sustain lease-adjusted leverage below 3x over the next several years. Adtalem has a history of a relatively conservative financial policy. Accordingly, we expect leverage will be in the mid-2x area in fiscal 2023 despite announced share buybacks and lower-than-expected revenues,” the agency said in a statement.
The outlook remains stable.
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