S&P ups Cengage Learning

S&P said it raised Cengage Learning Holdings II Inc.’s issuer rating to B- from CCC+, its asset-based lending facility to B+ from B, its first-lien loan to B from B- and the senior unsecured notes to CCC from CCC-.

“Accelerating digital adoptions will improve the company’s margin profile and EBITDA generation over the next 12 months. The impact of the pandemic accelerated the transformation of the educational materials market in higher education as digital delivery is more suited for adoption in distance learning environments,” the agency said in a press release.

The agency said it forecasts FOCF to debt will increase to around 4% in 2021 based on reductions in spending and product mix.

The outlook is stable.

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