Summary: Discovery Education PLC Mar 12

Standard & Poors, March 2012

Abstract
The long-term 'BBB' rating on the -103.8 million senior secured index-linked bonds, including -17.0 million variation bonds, due 2037, issued by ProjectCo, reflects a composite of credit factors outlined below. The bonds retain an unconditional and irrevocable guarantee of payment of scheduled interest and principal provided by Ambac Assurance U.K. Ltd. (Ambac; not rated). Under Standard & Poor's Ratings Services' criteria, a rating on a monoline-insured debt issue reflects the higher of the rating on the monoline and Standard & Poor's underlying rating (SPUR). Therefore, the long-term debt rating on the bonds currently reflects the SPUR, which is higher than the rating on Ambac. The underlying 'BBB' rating reflects the following credit risks: ProjectCo remains exposed to capital replacement risk....

Companies mentioned in this report are: Discovery Education PLC
Action: Review

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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Discovery Education PLC

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