U.S.-based childcare center operator Bright Horizons Family Solutions LLC's operating performance remains strong in 2015. In addition, the company's majority shareholder has lowered its stake in the company to below 40%, and we no longer view the financial sponsor ownership's influence on the firm's financial policy as a key risk. We are raising our corporate credit rating on Bright Horizons to 'BB-' from 'B+'. We are also raising our issue-level rating on the company's senior secured credit facilities to 'BB' from 'BB-'. The '2' recovery rating on the debt remains unchanged. The stable outlook reflects our expectation that the company's revenue and EBITDA will grow at a high-single-digit and low-double-digit percentage rate, respectively, in 2015, and that leverage will remain
