Moody's assigns SGL-2 to Select Medical

Moody's Investors Service said it assigned a first-time speculative-grade liquidity rating of SGL-2 to Select Medical Corp. Moody's added that Select Medical's senior implied rating is B1 with a stable outlook.

The company's operating cash flow is expected to be sufficient to cover all but extraordinary capital expenditures, the agency said.

Moody's said it anticipates the company will rely heavily on its $300 million revolving credit facility over the next 12 months while using free cash flow to pay down a portion of its $200 million outstanding as of March 31.

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