Select Medical Corp. Senior Notes Assigned B-' Rating; Recovery Rating '6' May 12
- ID: 2127558
- May 2012
- Standard & Poors
NEW YORK (Standard & Poor's) May 7, 2012--Standard & Poor's Ratings Services said today that it assigned ratings to the proposed $365 million senior notes due 2020 to be issued by Select Medical Corp. We rated the notes 'B-' (two notches lower than the 'B+' corporate credit rating on the company) with a recovery rating of '6', indicating our expectation of negligible (0% to 10%) recovery for lenders in the event of a payment default. The proceeds of this issue will refinance Select's outstanding subordinated notes due 2015. The corporate credit rating on Select is 'B+' and the rating outlook is stable. The rating reflects our assessment of the company's business risk profile as "weak" (according to our criteria) because...
Companies mentioned in this report are:
- Select Medical Corp.
Action: New Rating
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Research type: News
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