Research Update: ATI Acquisition Co. Rating Lowered To 'CCC-' On Enrollment Declines Dec 11

Standard & Poors, December 2011

Abstract
U.S. postsecondary education company ATI Acquisition continues to face steep declines in new enrollments, and total enrollments continue to decline. We are lowering our corporate credit rating to 'CCC-' from 'CCC'. We revised our recovery rating on the company's term loan and revolving credit facility to '6' from '3', and lowered the issue-level ratings on this debt to 'CC'. The negative rating outlook reflects our concern that, absent an amendment, the company may be unable to meet financial covenant step-downs by the end of the second quarter of 2012. On Dec. 15, 2011, Standard & Poor's Ratings Services lowered its corporate credit rating on ATI Acquisition Co. to 'CCC-' from 'CCC'. The rating outlook is negative. At the same time,...

Companies mentioned in this report are: ATI Acquisition Co.
Action: Downgraded

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

ATI Acquisition Co.

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