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Recovery Report: Education Management LLC's Recovery Rating Profile Jun 11 Product Image

Recovery Report: Education Management LLC's Recovery Rating Profile Jun 11

  • ID: 1820379
  • June 2011
  • Standard & Poors

FEATURED COMPANIES

  • Education Management LLC
  • MORE

Abstract
Standard & Poor's Ratings Services is updating its recovery analysis on Pittsburgh, Pa.-based postsecondary education provider Education Management LLC as part of its ongoing surveillance. The issue and recovery ratings on the company's senior secured facilities, unsecured senior notes, and unsecured senior subordinated notes remain unchanged. Our simulated default scenario contemplates a default in 2014 following a sharp decline in Title IV Federal Student Aid funding. Our default scenario makes a key assumption, that liabilities of nonguarantor subsidiaries are unimpaired during a hypothetical bankruptcy proceeding. Because of this assumption, the potential diluting of nonguarantor subsidiary nondebt liability claims does not affect our recovery estimates for senior secured lenders. Education Management LLC and Education Management Holdings LLC, along with certain designated...

Companies mentioned in this report are:
- Education Management LLC

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Full Analysis

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