We expect Massachusetts-based child care services provider Bright Horizons Family Solutions LLC to maintain leverage in the low- to mid-3x range. Bright Horizon's operations have improved, with backup care and education advisory providing additional operational stability. As a result, we raised the issuer credit rating on Bright Horizons to 'BB' from 'BB-' and the issue-level rating on the senior secured debt to 'BB+' from 'BB'. The stable outlook reflects our expectation that Bright Horizons will continue solid revenue growth and maintain S&P Global Ratings-adjusted leverage in the low-3x area in the next 12 months. We expect the company will continue to expand through enrollment improvements, increased backup care usage and tuition fee increases with forecast revenue growth of 7%-9% for
