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Kindred Healthcare Inc. Assigned 'B+' Corporate Credit And Issue-Level Ratings, Recovery Rating '3'; Outlook Stable Jun 11 Product Image

Kindred Healthcare Inc. Assigned 'B+' Corporate Credit And Issue-Level Ratings, Recovery Rating '3'; Outlook Stable Jun 11

  • ID: 1825549
  • June 2011
  • Standard & Poors

Abstract
Louisville, Ky.-based post-acute care provider Kindred Healthcare Inc. issued a $650 million Asset-Backed revolving credit facility, a $700 million secured term loan B, and $550 million of unsecured notes. The company used the proceeds from these issues to finance its acquisition of RehabCare Group Inc. and pay transaction fees. We are assigning our 'B+' corporate credit rating, 'B+' issue-level rating, and recovery rating of '3' to the company's senior secured term loan B. We are also assigning our 'B-' issue-level rating, and recovery rating of '6' to the company's senior unsecured notes. Our stable rating outlook reflects our view that the company will continue to benefit from low-single-digit organic growth and will reap synergies by eliminating most of RehabCare's corporate...

Companies mentioned in this report are:
- Kindred Healthcare Inc.

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.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

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