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S&P: HealthCare Partners remains on watch
Standard & Poor's said its BBB- long-term counterparty credit rating on HealthCare Partners LLC remains on CreditWatch with negative implications where it was initially placed on May 22.
The CreditWatch placement reflects the company's anticipated acquisition by lower-rated DaVita Inc., which likely will result in a downgrade of three notches, the agency said.
"We will continue to monitor HCP's financial condition and discuss HCP's capital structure and role within DaVita with DaVita's management," said S&P credit analyst Hema Singh in a news release.
The agency said it expects HealthCare to operate as a wholly owned subsidiary of DaVita and all of its debt to be repaid once the transaction is completed.
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