S&P drops Sheridan, gives loans B+, CCC+

Standard & Poor's said it lowered its corporate credit rating on Sheridan Healthcare Inc. to B from B+.

The outlook is stable.

At the same time, S&P said it assigned its loan and recovery ratings to Sheridan's $323 million senior secured first-lien credit facilities, consisting of a $50 million revolving credit maturing in 2009 and a $233 million term loan B and $40 million delayed draw facility maturing in 2011 and $135 million senior secured second-lien term loan.

The first-lien facilities were rated B+ with a recovery rating of 1 and the second-lien loan was rated CCC+ with a recovery rating of 5, the agency noted.

S&P said that the B rating reflects Sheridan's narrow operating focus and the concentration of its payors and regions of operation.

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