S&P may lift School Specialty

Standard & Poor's said it changed the direction of School Specialty Inc's review to on review for possible upgrade following the termination of the proposed go private recapitalization of the company led by Bain Capital.

The agency added the company's speculative-grade liquidity rating of SGL-3 is being confirmed and taken off review for possible downgrade.

Moody's said its ongoing review will focus on the company's anticipated operating performance and prospects, including its recent downward revision in earnings as a result of its lower than expected monthly operating results in the company's peak August and September selling season, as well as the company's expected financial policies and capital structure going forward.

Affected ratings include the company's B2 corporate family rating.

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