Moody’s revises Study Group to negative

Moody's Investors Service said it affirmed EDU UK Intermediate Ltd.’s (Study Group) B3 corporate family rating, B3-PD probability of default rating and the B3 instrument rating to the £205 million senior secured notes issued by EDU UK BondCo plc.

The outlook was changed to negative from stable.

"The change in outlook from stable to negative has been triggered by Study Group's weak cash flow metrics as a result of the debt financed acquisition of Endeavour Learning Group (ELG) in April 2015, the delay in receipts for government sponsored Australian courses, and a tight maintenance covenant to be addressed before summer 2016," Pieter Rommens, Moody's vice president and senior analyst for Study Group, said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.