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S&P lowers Select Medical
Standard & Poor's said it lowered Select Medical Corp.'s corporate credit rating to B- from B, senior secured credit facility to B+ from BB- and subordinated debt to CCC from CCC+. The recovery ratings on the senior secured debt and subordinated debt remain unchanged at 1 and 6, respectively.
The outlook remains negative.
The agency said the downgrade reflects concern about the ability of the company to meet its covenant compliance requirements over the next year.
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