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Select Medical Corp. Ratings Lowered, Off Watch Jan 05 Product Image

Select Medical Corp. Ratings Lowered, Off Watch Jan 05

  • ID: 2127569
  • January 2005
  • Standard & Poors

Abstract
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

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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