U.S.-based child care center operator Bright Horizons Family Solutions LLC has strengthened its credit metrics over the past 12 months through solid EBITDA growth and debt reduction. We expect adjusted leverage to improve to around 3x in 2020, and that the company will sustain it at that level. We have revised our outlook to positive from stable and affirmed our ratings on Bright Horizons, including our 'BB-' issuer credit rating. The positive outlook reflects the possibility of an upgrade in the next 12 months if operating performance remains strong and the company sustains adjusted leverage in the low- to mid-3x area. The outlook revision reflects our view that Bright Horizons will continue to exhibit strong operating performance and maintain leverage
