NEW YORK (Standard&Poor's) April 28, 2008--Standard&Poor's Ratings Services said today it assigned its 'B' corporate credit rating and stable outlook to Watertown, Mass.-based Swingset Holdings Corp., parent of Bright Horizons Family Solutions Inc. At the same time, we assigned a bank loan rating of 'BB-', two notches higher than the corporate credit rating on the parent, to operating subsidiary Bright Horizons' $440 million senior secured bank loan credit facilities. We also assigned a recovery rating of '1' to this debt, indicating our expectation of very high (90%-100%) recovery of principal in the event of a payment default. The credit facilities consist of a $75 million revolving credit facility due 2014 and a $365 million term loan
