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Recovery Report: DaVita Inc.'s Recovery Rating Profile
Standard & Poors, March 2011
Abstract
In conjunction with a refinancing, Standard & Poor's Ratings Services is assigning new recovery and issue-level debt ratings on the dialysis company DaVita Inc. Our simulated default scenario contemplates a default in 2014 due to a reduction in reimbursement rates and increased competition. We believe the company would reorganize in the event of a default because of its strategically located clinics, strong reputation and the continued demand for dialysis treatment. DaVita Inc. is the borrower of the first-lien credit facilities and the unsecured notes. The senior secured facilities are guaranteed by each of the borrower's domestic subsidiaries, with a carve-out based on a percentage of tangible assets. Non-guarantor subsidiaries currently make up approximately 20% of total DaVita assets. The unsecured
Article Type:FULL
Companies mentioned in this report are: DaVita Inc.
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