S&P rates Ardent Legacy CCR, loan B

Standard & Poor's said it assigned its B corporate credit rating to Ardent Legacy Holdings Inc.

The outlook is stable.

At the same time, the agency assigned its B issue-level rating and '3' recovery rating to Ardent's proposed $250 million senior secured term loan (to be issued by subsidiary Ardent Legacy Acquisition), reflecting an expectation for meaningful recovery for lenders in the event of payment default (at the high end of the 50% to 70% range).

S&P withdrew its corporate credit rating on AHS Medical Holdings LLC, as the corporate credit rating will now be at Ardent Legacy Holdings.

"Our ratings on Ardent follows the company's sale to Ventas Inc., a REIT, and the concurrent spin-off of the company's operations into a new company that financial sponsors Equity Group Investments will own with Ventas and the company's management team. Following the spin-off, Ardent will lease 10 of its facilities from Ventas pursuant to a long-term master lease," S&P credit analyst Shannan Murphy said in a news release.

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