S&P: Symbion unchanged

Standard & Poor's said its BBB- ratings and negative outlook on Symbion Health Ltd. are unchanged after Primary Health Care Ltd. (not rated) moved to more than 50% ownership of Symbion and the takeover offer became unconditional.

The negative outlook reflects the uncertainty surrounding Symbion's final business mix and the refinancing of the company's A$680 million of bank loans, the agency said.

S&P noted that while Symbion's half-year results showed improvements in the underlying financial performance of the company, a number of cost-pressure challenges remain.

For the six months ended Dec. 31, the agency said that Symbion improved overall operating margins to 7.5%, compared with 7.1% for the full year to June 30, 2007.

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