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Moody's may downgrade Riverdeep
Moody's Investors Service said it placed the B3 corporate family and probability-of-default ratings and B1 senior secured bank credit facility of Riverdeep Interactive Learning USA, Inc. on review for possible downgrade following its announced plan to acquire the Harcourt Education, Harcourt Trade and Greenwood-Heinemann divisions of Reed Elsevier.
The agency sad the review reflects its concerns that the incremental debt and costs to achieve synergies will delay the previously expected decline in leverage. The review will focus on the pro forma capital structure and the amount and likely timeframe for achievement of synergies and subsequent decline in leverage.
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