S&P rates HealthCare Partners loan BB

Standard & Poor's said it assigned its BB corporate credit rating to HealthCare Partners Ltd.

S&P also assigned its BB senior secured debt rating and 3 recovery rating to HealthCare Partner's proposed $10 million senior secured revolving credit facility maturing in 2010 and a $135 million senior secured term loan B maturing in 2011.

The company is expected to use the proceeds from the $135 million term loan, sponsor preferred equity and a portion of cash on hand for a distribution to partners. The outlook is stable.

S&P said the speculative-grade ratings reflect HealthCare Partner's exposure to capitation risk, its payer and regional concentration and its increased debt obligation following the transaction.

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