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
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