Moody's continues Novacare review

Moody's Investors Service said it is continuing its review for possible downgrade of Novacare Solutions Partnership's A1 senior secured rating.

The rating was initially placed on review on March 22 following the notification of a possible breach of covenants under the issuer's finance documents.

"Continuation of the review reflects the fact that bondholders have yet to vote on several resolutions, including waiving the step in event as a consequence of a technical breach in the finance documents relating to the bondholder and security trust deed," Moody's analyst Mary Anne Low said in a news release.

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