Moody's: Kindred's increased offer for Gentiva is credit negative

Moody's Investors Service said Kindred Healthcare Inc.'s announcement that it will increase its offer to acquire the equity of Gentiva Health Services, Inc. (B3/negative) to $17.25 per share from $14.50 does not change its view that the acquisition, if ultimately consummated, is a credit negative.

However, the increased offer does not currently impact the company's B1 corporate family rating, B1-PD probability of default rating or negative rating. Moody's estimates that the increase will have only a modest impact on its estimate of resulting leverage of the combined company.

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