Recovery Report: Select Medical Corp.'s Recovery Rating Profile Jan 09
Standard & Poors, January 2009
Abstract
On Jan. 30, 2009, Standard & Poor's Ratings Services lowered its issue-level ratings on Select Medical Corp.'s (B-/Negative/--) $980 million of senior secured credit facilities. We lowered the issue-level rating to 'B+' (two notches higher than the 'B-' corporate credit rating on Select Medical) from 'BB-' while the recovery rating on this debt remains unchanged at '1', indicating the expectation for very high (90%-100%) recovery in the event of a payment default. We also lowered the issue-level rating on the company's senior subordinated notes to 'CCC' (two notches lower than the 'B-' corporate credit rating) from 'CCC+' while the recovery rating on this debt remains at '6', indicating the expectation for negligible (0%-10%) recovery in the event of a payment...
Companies mentioned in this report are:
- Select Medical Corp.
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: Full Analysis
- Select Medical Corp.
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