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S&P revises U.S. health care companies
S&P said it reviewed most of the recovery and issue-level ratings in the U.S. health care services sector for speculative-grade corporate issuers that were considered under criteria observation (UCO) after the agency published its revised recovery ratings criteria in Dec. 7.
With the criteria review complete, the agency said it removed the UCO designation from these ratings and revised issue-level and recovery ratings as appropriate.
In the case of upgraded ratings, the revision to the issue-level rating resulted from a revision to the recovery rating on the debt instrument.
The revised ratings actions stem solely from the application of the revised recovery criteria and do not reflect any change in the assessment of the corporate credit ratings for issuers of the affected debt issues, S&P explained.
Curo Health Services Holdings Inc.’s senior secured debt rating was upgraded to B+ from B and its recovery rating was revise to 2L from 3H.
Iasis Healthcare LLC’s senior secured debt due 2021 was upgraded to BB from BB- and its recovery rating was revised to 1+ from 1.
Select Medical Corp.’s senior secured rating was upgraded to BB- from B+ with its recovery rating revised to 2L from 3H.
Healogics Inc.’s senior secured first-lien debt was affirmed at B and its recovery rating was revised to 3L from 4H. Its senior secured rating was affirmed at CCC+ with a recovery rating of 6.
LifePoint Health Inc.’s senior secured rating was affirmed at BB- and its recovery rating was revised to 3L from 4L. Its senior unsecured debt was affirmed at BB- and its recovery rating was revised to 3L from 4L.
Surgical Care Affiliates Inc.’s senior secured rating was affirmed at B+ and its recovery rating was revised to 3H from 4H.
Team Health Inc.’s senior secured rating was affirmed at B+ and its recovery rating was revised to 3L from 4H. Its senior unsecured rating was affirmed at B- with recovery rating of 6.
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