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S&P assigns RegionalCare Hospital loans B+, notes CCC+
S&P said it affirmed its B issuer credit rating on RegionalCare Hospital Partners Holdings Inc. The outlook is stable.
At the same time, S&P assigned a B+ issue-level rating and 2 recovery rating to the new $3.4 billion senior secured term loan facility. The 2 recovery rating reflects an expectation for substantial (70%-90%; rounded estimate: 75%) recovery in the event of default.
S&P also assigned a CCC+ issue-level rating and 6 recovery rating to the new $1.575 million senior unsecured notes. The 6 recovery rating indicates an expectation for negligible (0%-10%; rounded estimate: 0%) recovery in the event of default.
S&P also raised the rating on the RegionalCare senior secured debt to B+ from B and revised the recovery rating to 2 from 3, reflecting an expectation for substantial (70%-90%; rounded estimate: 75%) recovery in the event of default.
The CCC+ rating on the unsecured notes is unchanged.
“The rating affirmation reflects our view that the combination of RegionalCare and LifePoint meaningfully strengthens the business, which we believe partly offsets the higher leverage following the transaction,” S&P said in a news release.
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