Moody's: Pearson Funding notes Baa1

Moody's Investors Service said that it assigned a provisional Baa1 senior unsecured credit rating to the proposed $500 million of senior notes to be issued by Pearson Funding Four plc.

The notes are guaranteed by Pearson plc on a senior unsecured basis.

Moody's said the Baa1 rating is underpinned by the strong international industry positions that its activities occupy, coupled with a history of solid operational performance.

Over recent years, Pearson has pursued a successful strategy focused on (a) long-term investment in content; (b) the development of digital products and services; (c) international expansion coupled with (d) a focus on increased operational efficiency.

The rating also considers Pearson's track record and ongoing commitment to manage leverage so that the Baa1 rating can be maintained, Moody's said.

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