New York, October 25, 2016 -- Moody's Investors Service ("Moody's") affirmed Renaissance Learning, Inc.'s ("Renaissance") B3 Corporate Family Rating (CFR), B3-PD Probability of Default Rating (PDR) and Caa2 second lien term loan rating following the upsizing of the first lien term loan to pay a dividend. Concurrently, Moody's downgraded the existing first lien debt rating to B2 from B1 and assigned a B2 rating to the new $95 million first lien term loan add-on. The greater portion of first lien debt results in higher expected loss and only a one notch lift from the CFR as compared to two notches under the existing capital structure. The outlook is stable.

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