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S&P: Select Medical loans BB-
S&P said it assigned a BB- rating and 2 recovery rating to Select Medical Corp.'s proposed senior secured credit facilities, consisting of a $450 million revolving credit facility and $1.15 billion term loan B.
The proceeds will be used to refinance the company’s existing series E and series F term loans in a leverage-neutral transaction, S&P explained.
The 2 recovery rating indicates 70% to 90% expected default recovery.
The B- and 6 recovery ratings on the company's $710 million senior unsecured notes are unchanged.
The company’s corporate credit rating also remains at B+ and the outlook remains negative.
The corporate credit rating reflects the company’s weak business risk profile and aggressive financial risk profile, S&P said.
The ratings are constrained by Select's significant exposure to government reimbursement risk, the agency said.
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