CHICAGO (S&P Global Ratings) Oct. 25, 2016--S&P Global Ratings today assigned its 'BB' issue-level rating and '2' recovery rating to Bright Horizons Family Solutions LLC's proposed $1.125 billion senior secured credit facility due 2023, which includes a $925 million term loan B that will replace the company's existing term loan and a $200 million fungible delayed draw provision that we expect to be drawn over the next two to three months. The '2' recovery rating indicates our expectation for substantial recovery (70%-90%; lower half of the range) of principal in the event of a payment default. Our ratings on the $225 million senior secured revolver due 2019, which was extended in January 2016, are not affected by this transaction. Bright
