Moody's: SkillSoft loans Ba3

Moody's Investors Service said it affirmed SSI Investments II Ltd.'s B2 corporate family rating and probability of default rating.

The agency also said it assigned a Ba3 rating to $90 million of incremental term loans being raised by SkillSoft Corp., an indirect wholly-owned subsidiary of SSI.

The outlook is stable.

The proceeds will be used to acquire Element K for about $110 million, Moody's said.

The ratings reflect SkillSoft's high financial leverage, small scale in a highly competitive and fragmented corporate training market and the discretionary nature of the company's product offerings, the agency said.

The ratings are supported by the company's competitive market position in the niche e-learning market, its large customer base and the predictability of its revenues, Moody's said.

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