Select Medical Corp. Corporate Credit Rating Raised To 'B+' From 'B' On Reduced Leverage; Outlook Stable Apr 12
- Language: English
- Published: April 2012
NEW YORK (Standard & Poor's) March 13, 2007--Standard & Poor's Ratings Services said today it affirmed its ratings on specialty hospital operator Select Medical Corp. (Select; B/Negative/--). The affirmation follows the company's increase in the size of its senior secured term loan B by $100 million, to $670 million and includes the 'B+' bank loan rating and '1' recovery rating on the loan. The recovery rating indicates the expectation for full (100%) recovery of principal in the event of a payment default. Select will use the proceeds of this loan, along with a $146 million draw from its revolving credit facility to finance the $245 million acquisition of the outpatient rehabilitation business from HealthSouth Corp. Pro forma for the transaction,...
Companies mentioned in this report are:
- Select Medical Corp.
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