Fitch assigns B+ to Median loan

Fitch Ratings said it assigned Median BV an expected first-time long-term issuer default rating of B(EXP). The outlook is stable.

Fitch also assigned an expected senior secured debt rating of B+/RR3/70% to the prospective term loan B to be issued by Median.

“Median's B(EXP) IDR is supported by the company's leading market positions in the non-cyclical fragmented medical and mental care rehabilitation health care markets in Germany and the U.K., embedded in an overall balanced regulatory environment in both countries,” Fitch said in a news release.

“The rating is negatively influenced by modest operating cash flow and free cash flow (FCF) margins, with limited ability to materially improve profitability, despite a meaningful increase in scale due to high personnel and rental expenses combined with reimbursement pressure.”

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.