...Cengage Learning, Inc.'s ("Cengage", B3 stable) credit profile reflects the company's high leverage in a highly cyclical industry and intense competition among leading players especially as the market transitions to digital services from traditional learning materials. The company's business is highly seasonal with nearly three fourth of fiscal 2020 EBITDA generated in Q2 and Q4. Within its higher education segment, the company's revenue growth continues to be pressured by secular industry challenges, including affordability- driven price compression, open educational resources, rental and used textbooks. There is also a risk of delays in the K-12 state adoption spending because of budgetary constraints and the likely deferrals of purchasing decisions in the coming year. Nevertheless, Cengage's credit profile is supported by its well established brand, good market position, long-standing relationships with education institutions, proprietary content developed through long- term exclusive...