Moody’s gives Adtalem, facilities Ba3

Moody's Investors Service said it assigned a Ba3 corporate family rating and B1-PD probability of default rating to Adtalem Global Education Inc.

Concurrently, Moody's assigned a Ba3 rating to the proposed first-lien credit facilities, consisting of a $300 million senior secured term loan and $300 million senior secured revolving credit facility.

Moody's assigned an SGL1 speculative grade liquidity rating.

The outlook is stable.

Proceeds from the new credit facilities will be used by the company to repay the outstanding $165 million balance on its current $400 million revolving credit facility and fund cash to the balance sheet for general corporate purposes.

The agency said the ratings on Adtalem reflect the company's solid financial performance at its for-profit medical, veterinary and nursing programs while operating in a challenging higher education regulatory environment.

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