Moody’s snips Renaissance rating

Moody's Investors Service said it lowered Renaissance Holding Corp.'s (Renaissance Learning) senior secured first-lien credit facility, consisting of a $145 million revolver due 2028 and upsized $2.02 billion in term loans due 2030, to B3 from B2 because of the company fully repaying the $445 million second-lien term loan in late 2023.

“The downgrade of the first-lien credit facilities reflects the updated capital structure that is comprised entirely of first-lien debt,” Moody’s said in a press release.

Concurrently, the agency affirmed Renaissance’s B3 corporate family rating and B3-PD probability of default rating.

The outlook remains stable.

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