Recovery Report: Kindred Healthcare Inc.'s Recovery Rating Profile May 11

Standard & Poors, May 2011

Abstract
We have assigned new preliminary recovery and issue-level ratings to Louisville, Ky.-based post-acute-care services provider Kindred Healthcare Inc., in conjunction with its planned acquisition of RehabCare Group Inc. and its proposed offering of senior unsecured notes. Standard & Poor's Ratings Services' simulated default scenario contemplates a default in 2014, resulting from declines in reimbursement rates. We believe that the company, as a service business, would reorganize in the event of a default, given the strength of its reputation and its ability to deliver high-quality services to its customers. (For Standard & Poor's recovery rating methodology, see "Criteria Guidelines For Recovery Ratings-," published Aug. 10, 2009, on RatingsDirect on the Global Credit Portal.) Kindred Healthcare Inc. is the issuer of the...

Companies mentioned in this report are: Kindred Healthcare Inc.

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.

Research Type: Full Analysis

Kindred Healthcare Inc.

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