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S&P rates Select Medical loan BB-
Standard & Poor's said it assigned its BB- issue-level rating to Select Medical Corp.'s two new term loan tranches totaling $814 million.
The agency assigned a recovery rating of 2 to these obligations, reflecting an expectation for substantial (70%-90%) recovery in the event of a payment default.
These new term loan tranches are the result of the company repricing the series B and series C tranches of its outstanding term loan.
S&P said the B+ corporate credit rating on Select Medical reflects its view that the company's financial risk profile is "aggressive" and its business risk profile is "weak."
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