Select Medical Corp. Ratings Lowered, Off Watch Jan 05

  • ID: 2127569
  • January 2005
  • Standard & Poors
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NEW YORK (Standard & Poor's) Jan. 18, 2005--Standard & Poor's Ratings Services said today that it lowered its corporate credit rating on Select Medical Corp. to 'B+' from 'BB-'. Standard & Poor's also assigned its 'BB-' rating and its recovery rating of '1' to Select Medical's $880 million proposed senior secured bank credit facility. Select Medical Corp. is a wholly owned subsidiary of EGL Holding Co. (Holdco). The facility is rated one notch above the company's corporate credit rating; this and the '1' recovery rating mean that lenders are likely to realize full recovery of principal in the event of a bankruptcy. At the same time, Standard & Poor's assigned its 'B-' rating to $660 million in senior subordinated notes...

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

Action: Downgraded
Action: New Rating

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Research type: News
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- Select Medical Corp.

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