S&P rates One Call revolver B, loan CCC+

Standard & Poor's said it affirmed the B corporate credit rating on One Call Care Management Inc. and removed it from CreditWatch with negative implications, where it was placed Oct. 30 following news that One Call would be acquired by Apax Partners.

The outlook is negative.

S&P also said it assigned B ratings to the newly formed intermediate holding company, Opal Acquisition Inc.'s planned five-year $100 million revolver to be undrawn at transaction close and seven-year $825 million first-lien term loan.

The recovery ratings on these debt issues are 3, indicating 50% to 70% expected default recovery.

The agency also said it assigned a CCC+ issue-level rating to Opal Acquisition's planned eight-year $420 million second-lien term loan. The recovery rating on this debt issue is 6, indicating 0% to 10% expected default recovery.

S&P also said it lowered the rating on the existing senior secured facility to B from B+ and removed it from CreditWatch negative, where it was placed in Oct. 30.

The agency also said it revised the recovery rating to 3 from 2. The 3 recovery rating indicates 50% to 70% expected default recovery.

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