S&P rates Acadia Healthcare notes B-

S&P said it assigned Acadia Healthcare Co. Inc.’s $450 million of senior unsecured notes a B- and a 5 recovery rating. The 5 rating indicates S&P’s expectation for a modest prospect (10%-30%; rounded estimate: 15%) for recovery.

Proceeds will be used refinance Acadia’s 6 1/8% senior notes due 2021 and 5 1/8% senior notes due 2022.

S&P also affirmed the B issuer rating and removed it from CreditWatch with negative implications, where the agency placed it on March 25.

Also, S&P affirmed the B- rating on Acadia’s outstanding unsecured notes with a 5 recovery rating and the B+ and 2 recovery rating on the company’s secured notes.

The outlook is negative.

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