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Care UK Health & Social Care Newco Ltd. Oct 11
Standard & Poors, Oct 2011
Abstract
Role as a leading operator of independent health sector treatment centers and entrenched market position. High proportion of forward contracts, especially in the residential care business. Well-invested, purpose-built, mainly freehold portfolio. Ability to generate positive cash flow. Aggressive financial risk profile following a leveraged buyout in 2010. Exposure to changes in payment system due to shifting political climate. Associated business risk, including lack of guaranteed volumes beyond contract period. Significant proportion of wages in operating costs. The rating on U.K.-based health care group Care UK Health & Social Care Newco Ltd. (Care UK) reflects our view of the company's relatively high leverage, which we expect to peak at 4.8x debt (adjusted by Standard & Poor's) to pre-IFRIC 12 EBITDA in...
Companies mentioned in this report are: Care UK Health & Social Care Newco Ltd.
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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