S&P hikes Imagine Learning

S&P said it raised its ratings for Weld North Education LLC (Imagine Learning) and its first-lien debt to B from B-. The debt’s 3 recovery rating is unchanged.

“The upgrade reflects the decline in Weld North's S&P Global Ratings-adjusted leverage to the low-5x area as of June 2022, down from 7.2x last March. The company, which has rebranded to Imagine Learning as of January 2022, reported strong revenue growth of 40% in 2021 with the acceleration of digital curriculum adoption across K-12 education in the U.S.,” S&P said in a press release.

The agency said it estimates Imagine Learning will push leverage down to mid-4x area by the end of 2024.

The outlook is stable.

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