S&P Global cuts KinderCare rating outlook on enrollment woes
S&P Global Ratings revised KinderCare's outlook to negative, citing enrollment pressures and declining utilization. The agency expects revenue to fall and margins to contract in 2026, with adjusted leverage rising above 5.0x. KinderCare plans to close 80-85 underperforming centers this year, accelerating from historical rates. S&P may downgrade KinderCare if enrollment trends and leverage do not improve.



