S&P: Cambium on developing watch

Standard & Poor's said it placed its ratings on Cambium Learning Inc., including the CCC corporate credit rating, on Creditwatch with developing implications.

The agency said that the placement is based on the recent agreement to combine its business with Voyager Learning Co., adding that the business combination will be effected through a newly formed company, Cambium-Voyager Holdings Inc., which will acquire both companies and issue shares in the combined company to stockholders of each of Voyager Learning and Cambium Learning.

"The combination appears to be a good strategic fit, as both companies are of similar revenue size and serve adjacent sectors of the education intervention services market," said S&P credit analyst Hal F. Diamond.

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