Moody's: HealthSouth's unchanged

Moody's Investors Service said that HealthSouth Corp.’s proposed offering of $300 million of senior notes due 2024 has no impact on its ratings, including the B1 (LGD4) rating on the company's existing senior notes, its Ba3 corporate family rating and its Ba3-PD probability of default rating. The outlook is stable.

The proceeds of the offering, which is an add-on to the company's existing 5¾% senior notes due 2024, will be used to repay a portion of the company's senior secured term loan and revolver.

Moody's understands that the repayment of a portion of the recently completed term loan with the proceeds is in accordance with a first-out provision of that facility.

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