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S&P ups Cambium notes to CCC+
Standard & Poor's said it affirmed its CCC+ corporate credit rating on Cambium Learning Group Inc.
The outlook is negative.
At the same time, the agency revised its recovery rating on the company's $175 million 9¾% senior secured notes due 2017 to 4, indicating an expectation for average (30% to 50%) recovery for lenders in the event of a payment default, from 5.
S&P subsequently raised its issue-level rating on this debt to CCC+ from CCC. The recovery rating revision reflects the expectation for slightly improved recovery prospects under the agency's simulated default scenario, following the March termination of the company's $40 million credit facility.
The CCC+ corporate credit rating on Cambium Learning reflects the assessment of the business risk profile as "vulnerable" and its financial risk profile as "highly leveraged," S&P said.
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