S&P gives B+ to Kindred Healthcare loan

S&P said it assigned its B+ corporate credit rating to Kindred Healthcare LLC. The outlook is stable.

At the same time, S&P assigned a B+ issue-level rating to the company's proposed $410 million first-lien term loan. The recovery rating is 3, indicating an expectation for meaningful (50%-70%; rounded estimate 60%) recovery in the event of a payment default.

Kindred Healthcare Inc. is being taken private by private equity sponsors TPG Capital and Welsh Carson, Anderson and Stowe (WCAS), and separated into two businesses. Kindred Healthcare LLC (Kindred Healthcare) is a provider of long-term acute-care and inpatient and outpatient rehab services. The other entity will independently operate the home health, hospice, and community care business (referred to as "Kindred at Home").

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