Recovery Report: VCA Antech Inc.'s Recovery Rating Profile Nov 11
Standard & Poors, November 2011
Abstract
We are reviewing our issue-level and recovery ratings on Los Angeles, Calif.-based VCA Antech Inc., the U.S.' largest operator of animal hospitals, as part of our ongoing surveillance. Our recovery and issue-level ratings on the company's debt remain unchanged. Standard & Poor's Ratings Services' simulated default scenario contemplates a default in 2015, stemming from a prolonged period of economic weakness that inhibits the company's ability to refinance its credit facility. We believe that the company, as a service business and the largest player in the animal health industry, would reorganize in the event of a default, given its extensive network of animal hospital facilities. (For Standard & Poor's recovery rating methodology, see "Criteria Guidelines For Recovery Ratings," published Aug. 10,...
Companies mentioned in this report are: VCA Antech Inc.,Vicar Operating Inc.
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
VCA Antech Inc.,Vicar Operating Inc.
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