S&P rates Mednax notes B+

S&P said it gave B+ issue-level and 4 recovery ratings to Mednax Inc.’s planned $400 million of senior secured notes due 2030. The 4 recovery rating indicates an expectation for average (30%-50%; rounded estimate: 45%) recovery in default.

Mednax’s other ratings, including the B+ issuer credit rating and positive outlook are unchanged, the agency said.

The company will use the proceeds, other available funds and cash on hand, to repay its 6¼% senior notes due 2027.

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