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Moody's lowers LifeCare
Moody's Investors Service said it downgraded LifeCare Holdings, Inc.'s corporate family rating to Caa3 and probability of default rating to Ca.
Concurrently, the senior subordinated notes rating was downgraded to C and the speculative grade liquidity rating was lowered to SGL-4.
The outlook is negative.
Moody's said the downgrades reflect heightened refinancing risk, an untenable capital structure and interest burden that is not covered by cash flows generated from the company's ongoing operations.
Moody's said it believes that LifeCare will need to address its entire capital structure in the next 12 months, which is reflected in the Ca probability of default rating.
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