...August 9, 2021 - Teaching Strategies LLC, a Bethesda, Md.-based provider of early childhood education (ECE) curriculum and assessment solutions, has entered into a definitive agreement to be acquired by Kohlberg Kravis Roberts & Co. L.P. - S&P Global Ratings assigned its 'B-' issuer credit rating to Foundational Education Group Inc., a holdco of Teaching Strategies. Foundational Education Group Inc. will also be the borrower of the debt. - At the same time, we assigned our 'B-' issue-level and '3' recovery ratings to Foundational Education Group Inc.'s $370 million first-lien credit facility, consisting of a $50 million revolving credit facility due 2026 and a $320 million first-lien term loan due 2028. We also assigned our '###' issue-level and '6' recovery ratings to its $115 million second-lien term loan due 2029. - The stable outlook reflects our view that relatively stable government-funding sources and increased attention being given to ECE, along with improving profitability from...
