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CareMore Holdings Inc. Jan 06
Standard & Poors, Jan 2006
Abstract
Established competitive position. Good earnings profile. Very good cash flow capacity. Narrow product scopes. Geographic and client concentration. Marginal balance sheet quality. The counterparty credit rating on CareMore Holdings Inc. (CHI) derives from its subsidiary's-CareMore Medical Enterprises (CareMore)-established competitive position, good earnings profile and very good cash flow. Offsetting these positives is the company's narrow product scope, geographic and client concentration, and marginal balance sheet quality. CHI (the borrower) is a downstream holding company formed by the CareMore Health Group Inc. to acquire CareMore. In connection with the deal, CHI plans to borrow $125 million of intermediate-term bank debt to partially finance the transaction. The remainder will be financed with equity contributed by the lead financial sponsor, JPMorgan Partners, which...
Companies mentioned in this report are: CareMore 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
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