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Research Update: HealthSouth Corp. $600 Million Senior Secured Credit Facility Rated 'BB', Recovery Rating '1'

  • ID: 1785097
  • May 2011
  • Standard & Poors
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Birmingham, Ala.-based U.S. inpatient rehabilitation hospital operator HealthSouth Corp. completed a new $600 million senior secured credit facility. We are assigning our 'BB' issue-level rating to the $600 million senior secured credit facility with a recovery rating of '1'. At the same time, we are affirming the 'B+' corporate credit rating and revising our outlook to positive reflecting further reduction in adjusted leverage and prospects that the company may keep leverage below 4x. On May 11, 2011, Standard & Poor's Ratings Services assigned its issue-level rating of 'BB' (two notches above the corporate credit rating) and assigned a recovery rating of '1' to HealthSouth's new revolving credit facility and term loan. We affirmed our 'B+' corporate credit rating on the...

Companies mentioned in this report are: HealthSouth Corp.
Action: New Rating

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

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HealthSouth Corp.

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