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S&P lifts Study Group view to stable
S&P said it revised the outlook on EDU UK BondCo plc (Study Group) to stable from negative.
The agency also said it affirmed the company’s B- long-term corporate credit rating and B- rating on the company's £205 million senior secured notes due in 2018.
The recovery rating of 4 indicates 30% to 50% expected default recovery.
S&P said it subsequently withdrew all of the ratings at the company's request.
The outlook revision reflects Study Group's plan to refinance its capital structure and the conversion of its subordinated preference certificates (SPCs) in August 2016 into common equity, the agency explained.
This will strengthen the company's financial risk profile, reduce the group's refinancing risks and improve its liquidity, S&P said.
The ratings also consider the company’s weak business risk profile due to its operations in highly competitive markets, operational volatility and exposure to the seasonal language education business, the agency said.
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