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Recovery Report: Cegedim S.A. Recovery Rating Profile Jul 12
Standard & Poors, July 2012
We are updating our recovery analysis on French health care software and services firm Cegedim S.A. (B+/Negative/--). We recently lowered our issue rating on Cegedim's -280 million unsecured notes due 2015 to 'B+' from 'BB-', in line with the lowering of the corporate credit rating as a result of tight covenant headroom and our lower free cash flow forecasts. The recovery rating on the unsecured notes is unchanged at '3', reflecting our expectation of meaningful (50%-70%) recovery for creditors in the event of a payment default. Our simulated default scenario contemplates a default in 2014, due to operating underperformance given a potential loss of customers and increasing competition. Cegedim S.A. completed a refinancing of its bank facilities in June 2011....
Companies mentioned in this report are: Cegedim S.A.
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