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S&P trims Genesis HealthCare loan, cuts outlook
Standard & Poor's s revised its outlook on Genesis HealthCare LLC to negative from stable. The B corporate credit rating remains unchanged.
S&P also lowered the issue-level rating on the company's $325 million term loan to B from B+, and S&P revised the recovery rating to 3, indicating an expectation for meaningful (50%-70%) recovery, from 2, following a reassessment of the value of the collateral available to term loan lenders.
"We believe considerable industry headwinds may undermine the company's ability to maintain margins at current levels and generate modest discretionary cash flow," said S&P credit analyst David Kaplan in a news release.
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