S&P removes Cengage from watch

S&P said it removed the ratings for Cengage Learning Holdings II Inc. from CreditWatch with positive implications, where they were placed on May 1.

S&P affirmed Cenage’s ratings, including its B- issuer rating.

“The affirmation, removal from CreditWatch and negative outlook reflects our view that Cengage's operating performance declines could accelerate given the uncertainty around enrollment trends over the next several months due to the coronavirus pandemic,” said S&P in a press release.

Cenage’s proposed merger with McGraw-Hill Education is still awaiting regulatory approval.

The outlook is negative.

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