S&P affirms Riverdeep, off watch

Standard & Poor's said it removed from CreditWatch and affirmed its B+ corporate credit ratings on Riverdeep Holdings plc and related entity Riverdeep Group Ltd.

The outlook is negative.

Although Riverdeep's pay-in-kind term loan facility will greatly increase the group's leverage, this increase is tempered by the group's recent operating improvements and financial policy focused on a gradual reduction in financial leverage, S&P noted.

The group's high financial leverage and the potential revenue volatility of its U.S.-focused specialist-software businesses are the primary rating constraints, the agency said.

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