Summary: HealthSouth Corp. Sep 11

Standard & Poors, September 2011

Abstract
The ratings on Birmingham, Ala.-based HealthSouth Corp. reflect the company's weak business risk profile highlighted by its narrow service niche and difficult regulatory and reimbursement environment. HealthSouth is the largest provider of inpatient rehabilitative health care services in the U.S. The ratings also reflect HealthSouth's aggressive financial risk profile, characterized by adjusted debt leverage of about 4x after the recent repayment of debt, and funds from operations (FFO) to adjusted debt that exceeds 18%. Liquidity is strong. Standard & Poor's Ratings Services believes HealthSouth's operation in a single line of business that is reliant on one source for a large percentage of its revenues as a key risk factor that define its business risk profile. With over two-thirds of its...

Companies mentioned in this report are: HealthSouth Corp.
Action: Review

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

HealthSouth Corp.

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