S&P rates Bella Holding loans B

S&P Global Ratings said it assigned its B long-term issuer credit rating to Bella Holding Co. LLC (d/b/a MedRisk).

The outlook is negative.

At the same time, S&P assigned B debt ratings to Bella Holding's proposed $100 million five-year first-lien revolver and $750 million seven-year first-lien term loan. The recovery ratings on these issues are 3, indicating an expectation for meaningful recovery (rounded estimate: 60%) in the event of a payment default.

S&P said it is not rating the proposed $300 million eight-year second-lien term loan.

S&P also revised its outlooks on CP VI Bella Midco LLC, CP VI Bella Topco LLC and CP VI Bella Blocker Topco LLC to negative from stable and affirmed the ratings. S&P said it will withdraw these ratings once the transaction closes.

“The ownership change and debt issuance ($1.05 billion in funded debt) will not materially weaken our view of MedRisk, which has a solid market position as a top two player in the niche industry of managing physical therapy claims costs for workers' compensation payors,” S&P said in a news release.

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