Watertown, Mass.-based Bright Horizons Family Solutions Inc.'s rating reflects high debt leverage and weak pro forma cash flow measures resulting from the May 2008 LBO of the company in view of its growth strategy of opening new centers and acquiring compatible businesses. These risks are only partially offset by the company's good business position in the competitive and fragmented childcare market, and some stability in operating performance gained through long-term contacts with corporate sponsors. Bright Horizons is the largest U.S. provider of workplace-based childcare, with a broad geographical network of 658 centers serving a diverse group of industries. There is minimal client concentration, even though roughly one-third of its centers are for sponsors who have multiple work sites. Employer-sponsored centers,
