E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - CLOs - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
Published on 6/12/2007 in the Prospect News High Yield Daily.

S&P gives Surgical Care, loan B, notes CCC+

Standard & Poor's said it assigned its B corporate credit rating to Surgical Care Affiliates.

The outlook is stable.

At the same time, S&P said it assigned its loan and recovery ratings to Surgical Care Affiliates' proposed $480 million senior secured credit facility, adding that the credit facility is rated B with a recovery rating of 3.

In addition, S&P said it assigned its CCC+ rating to the company's $150 million proposed senior unsecured payment-in-kind notes due 2015 and CCC+ rating to its subordinated notes due 2017.

According to the agency, the ratings on Surgical Care Affiliates reflect the company's narrow operating focus as an owner and operator of surgical facilities, the highly fragmented and competitive nature of the industry, the company's relative underperformance relative to its peers and significant debt burden and third-party reimbursement risks.


© 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.