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Recovery Report: Care UK Health & Social Care Newco Ltd. Recovery Rating Profile Oct 11
Standard & Poors, October 2011
We are updating our recovery analysis on Care UK Health & Social Care Newco Ltd. We base our valuation of the company primarily on a discrete asset valuation. Our simulated default scenario contemplates a default in 2014, assuming a combination of some substantial deterioration in the quality of the care homes, leading to lower occupancy rates and a significant drop in fees, reflecting the budgetary constraints of the U.K. government. We calculate a stressed enterprise value of -248 million and a meaningful (50%-70%) recovery for senior secured noteholders, and we maintain the recovery rating on the notes at '3'. The notes and the revolving credit facility (RCF) sit at Care UK Health & Social Care PLC, a wholly owned subsidiary...
Companies mentioned in this report are: Care UK Health & Social Care Newco Ltd.
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
Care UK Health & Social Care Newco Ltd.