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Research Update: S&PCORRECT: U.K. Social Care Firm Voyage Bidco Assigned 'B' Prelim Long-Term Corporate Credit Rating; Outlook Stable Feb 13 Product Image

Research Update: S&PCORRECT: U.K. Social Care Firm Voyage Bidco Assigned 'B' Prelim Long-Term Corporate Credit Rating; Outlook Stable Feb 13

  • ID: 2417633
  • February 2013
  • Region: United Kingdom, Great Britain
  • Standard & Poors

FEATURED COMPANIES

  • Voyage BidCo Ltd.
  • Voyage Care BondCo PLC
  • MORE

Abstract
Voyage BidCo Ltd., the parent company of U.K.-based social care group Voyage Care Ltd. (Voyage), is to raise £272 million of notes to refinance its bank debt. We assess Voyage's financial risk profile as "highly leveraged" and its business risk profile as "fair." We are assigning our 'B' preliminary long-term corporate credit rating to Voyage BidCo. We are also assigning our preliminary 'B+' issue rating to Voyage's proposed £210 million senior secured notes and our preliminary 'CCC+' issue rating to its proposed £62 million second-lien notes. The stable outlook reflects our view that Voyage's operating model should enable it to sustain its operating performance and cash flow generation. On Jan. 14, 2013, Standard & Poor's Ratings Services assigned its 'B'...

Companies mentioned in this report are:
- Voyage Care BondCo PLC
- Voyage BidCo Ltd.

Action: New Rating
Action: Outlook: Stable

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 READ MORE >

Note: Product cover images may vary from those shown

- Voyage Care BondCo PLC
- Voyage BidCo Ltd.

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

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