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National Mentor Inc. Dec 09 Product Image

National Mentor Inc. Dec 09

  • ID: 1869551
  • December 2009
  • Standard & Poors

One of the largest players in the fragmented human services market A largely variable cost structure and low capital spending needs Reimbursement risk for the company's services Fairly thin margins and cash flows An aggressive leverage and financial policy The ratings on Boston-based NMH Holdings Inc. (d/b/a National Mentor Inc.) continue to reflect the company's exposure to reimbursement risk, fairly thin free cash flows as a result of its high leverage, and aggressive financial policy. An upcoming bank covenant step-down at the end of 2009 may also impair National Mentor's liquidity. These factors far outweigh the company's narrow but strong position in the fragmented human services market and largely variable cost structure. National Mentor's vulnerable business risk profile reflects the...

Companies mentioned in this report are:
- National Mentor Holdings Inc.
- NMH Holdings Inc.

Action: Review

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

- National Mentor Holdings Inc.
- NMH Holdings Inc.

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