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.
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