Moody's trims Bright Scholar

Moody's Investors Service said it downgraded Bright Scholar Education Holdings Ltd.'s corporate family and senior unsecured ratings to B2 from B1.

"The downgrade reflects the faster-than-expected discontinuation of Bright Scholar's kindergartens and school operations, the high uncertainties over the company's evolving business model and the resultant weaker business profile and smaller scale," said Shawn Xiong, a Moody's assistant vice president and analyst, in a press release.

Bright Scholar announced on Dec. 21, it will classify a list of schools and kindergartens, over which it had lost control on Aug. 31, as discontinued operations.

The outlook remains negative.

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