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S&PCORRECT: Select Medical Corp. Downgraded To 'B-' On Covenant Compliance Concerns Jan 09 Product Image

S&PCORRECT: Select Medical Corp. Downgraded To 'B-' On Covenant Compliance Concerns Jan 09

  • ID: 2127518
  • January 2009
  • Standard & Poors

Abstract
NEW YORK (Standard & Poor's) Jan. 30, 2009--Standard & Poor's Ratings Services said today it lowered its ratings on Select Medical Corp. We lowered the corporate credit rating to 'B-' from 'B' and the rating on the company's senior secured credit facility to 'B+' from 'BB-'. The recovery rating on the senior secured debt remains unchanged at '1', indicating expectation of very high (90%-100%) recovery in the event of default. We lowered the rating on its subordinated debt to 'CCC' from 'CCC+' and the recovery rating on that subordinated debt remains unchanged at '6', indicating expectation of negligible (0%-10%) recovery in the event of default. The rating outlook remains negative. "The downgrade reflects concern about the ability of the company...

Companies mentioned in this report are:
- Select Medical Corp.

Action: Downgraded

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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

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- Select Medical Corp.

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

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