S&P rates Renaissance facilities B-, CCC

S&P said it assigned its B- corporate credit rating to Renaissance Holding Corp.

The outlook is stable.

The agency also assigned its B- issue-level rating to the borrower's $785 million senior secured credit facilities, consisting of a $80 million revolving credit facility due 2023 and $705 million term loan due 2025.

The 3 recovery rating indicates an expectation for meaningful recovery (50%-70%; rounded estimate 60%) in the event of payment default.

S&P also assigned a CCC issue-level rating to the $335 million term loan due 2026. The 6 recovery rating indicates an expectation for negligible recovery (0%-10%; rounded estimate 0%).

The agency said the ratings reflect the company's modest position in the highly fragmented and niche instruction materials market, and the evolving and competitive student assessment market.

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