S&PCORRECT: Select Medical Corp. Downgraded To 'B-' On Covenant Compliance Concerns Jan 09
- ID: 2127518
- January 2009
- Standard & Poors
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.
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