S&P puts One Call Care on negative watch

Standard & Poor's said it placed the B corporate credit rating and B+ senior secured debt rating on One Call Care Management Inc. on CreditWatch with negative implications.

The recovery ratings on the senior secured debt remains at 2, indicating 70% to 90% expected default recovery.

Although the company did not disclose the financing terms for One Call's acquisition by Apax, the agency said it believes leverage could exceed the 6.5x threshold indicated as a potential downgrade trigger in the previous outlook, said James Sung, an S&P analyst.

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