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.

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