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Summary: National Mentor Inc. Dec 09
Standard & Poors, December 2009
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 very fragmented nature of the human services industry that it operates in and the fact that the company derives about two-thirds of its revenues from services for mentally retarded and developmentally disabled consumers. The remainder of the company's revenues...
Companies mentioned in this report are: National Mentor Holdings Inc
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National Mentor Holdings Inc