S&P gives CCC to athenahealth notes

S&P said it gave CCC issue and 6 recovery ratings to athenahealth Group Inc.’s new $2.5 billion of senior unsecured notes. The 6 recovery rating reflects an expectation for negligible (0%-10%; rounded estimate: 0%) recovery in default.

“Our B- issuer credit rating and other issue-level ratings on athenahealth already incorporate this issuance,” S&P said in a press release.

The company sold the notes as part of its acquisition by private equity firms Bain Capital and Hellman & Friedman from Veritas.

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