S&P affirms Education Management loan

Standard & Poor's said it affirmed the bank loan rating on Education Management LLC's (B/stable) secured bank financing following the addition of $22.5 million to the company's $300 million revolving credit facility.

The issue rating is B+, one notch above the corporate credit rating on the company and the recovery rating remains 2, the agency said.

With the add-on, the facility consists of a $322.5 million revolving credit facility due 2012 and a $1.18 billion term loan B due 2013, S&P noted.

In addition, the agency said it affirmed the issue-level rating on the company's unsecured notes at CCC+, two notches below the corporate credit rating.

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