U.S.-based childcare center operator Bright Horizons Family Solutions Inc. plans to acquire Casterbridge Nurseries Ltd., a day care operator in London, England. The company is putting in place an $85 million incremental term loan B to help finance the acquisition. We are assigning a 'BB-' issue-level rating to the incremental term loan, with a recovery rating of '1'. We are also affirming our existing ratings, including the 'B' corporate credit rating, on the company. The stable outlook reflects our expectation that the company will maintain adequate liquidity and compliance with covenants over the intermediate term. On May 16, 2012, Standard&Poor's Ratings Services assigned its issue-level ratings to Watertown, Mass.-based childcare center operator Bright Horizons Family Solutions Inc.'s $85
