Research Update: French City of Marseille Affirmed At 'A/A-1' On Solid Budgetary Performance And Good Financial Management;Outlook Stable Mar 13
- Language: English
- Published: March 2013
- Region: France
The rating on Germany-based private health care provider Marseille-Kliniken AG (Marseille) reflects its highly leveraged financial profile, including high lease-adjusted debt levels and a less-than-adequate liquidity profile. The rating is supported by Marseille's good competitive position in highly fragmented markets and the predictable growth in future nursing-care needs. However, the market is subject to regulation, public price setting, and reimbursement negotiations with public insurance funds. Based in Berlin, Marseille is one of Germany's largest private nursing-care and rehabilitation service providers. It generated -141.6 million turnover in the first nine months of fiscal year 2011, which ended on June 30, 2011. Standard & Poor's Ratings Services believes that the sale of the rehabilitation division will likely improve the stability of Marseille's...
Companies mentioned in this report are: Marseille-Kliniken AG
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