New York, June 04, 2013 -- Moody's Investors Service downgraded Meritas Schools Holdings, LLC's ("Meritas") corporate family rating ("CFR") to B3 from B2 and the probability of default rating to B3-PD from B2-PD. As part of this rating action, Moody's assigned B3 ratings to the company's proposed first lien senior secured bank facilities, consisting of a $30 million revolving credit facility due 2018 and a $215 million term loan due 2019. The ratings outlook was changed to stable from negative.
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