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Recovery Report: MediMedia USA Inc.'s Recovery Rating Profile Dec 11

  • ID: 2028527
  • December 2011
  • Region: United States
  • Standard & Poors
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We are updating our recovery analysis on Yardley, Pa.-based health education and services company MediMedia USA Inc. to reflect our upgrade of the company, the October 2011 credit agreement amendment, and the significant debt repayment from an asset sale. We have revised our recovery multiple downward, to 5x from 6x, reflecting the company's sale of a valuable portion of its business. Our simulated default scenario contemplates increased competition pressuring margins and pricing, making it difficult for MediMedia to refinance; the company has substantial maturities in 2014. The borrowers under the credit agreement and issuers under the senior subordinated notes are MediMedia USA Inc., Staywell Custom Communications LLC, Krames Staywell, LLC, and Three V Health LLC. The company's capital structure consists...

Companies mentioned in this report are: MediMedia USA 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

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MediMedia USA Inc.

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