We have revised favorably the recovery prospects for U.S.-based childcare center operator Bright Horizons Family Solutions LLC. We are raising the issue-level rating on Bright Horizons Family Solutions LLC's senior secured credit facility to 'BB-' from 'B+', and revising our recovery rating to '2' from '3'. We are revising our rating outlook on the company to positive from stable and affirming the 'B+' corporate credit rating. The positive outlook reflects the potential for a rating upgrade to 'BB-' if we become convinced that the company can maintain lease-adjusted debt leverage below 4.0x on a sustained basis. On May 9, 2014, Standard&Poor's Ratings Services revised the outlook to positive from stable and affirmed its 'B+' corporate credit rating on
