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S&P assigns B- to U.S. Acute Care revolver, notes
S&P said it affirmed its B- issuer credit rating on U.S. Acute Care Solutions LLC and assigned a B- issue-level rating and 3 recovery rating (recovery prospects: 30%-50%; rounded estimate: 50%) to a proposed revolver and secured notes.
The outlook is stable.
U.S. Acute Care Solutions plans to issue $800 million secured notes and use the proceeds mainly to repay its existing notes and revolver balance. The transaction will modestly increase its S&P Global Ratings-adjusted leverage, S&P said.
“The stable outlook reflects our expectation for a low-single-digit percent increase in USACS' organic revenue, its margin to improve compared with 2023, and free cash flow to debt to remain below 4%,” S&P said in a news release.
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