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S&P assigns Surgery Partners B CCR
Standard & Poor's assigned its B corporate credit rating to Surgery Partners Inc.
The outlook is stable.
Concurrently, S&P withdrew the B corporate credit rating on Surgery Center Holdings Inc. Surgery Partners is the parent entity that issues the financial statements.
At the same time, S&P affirmed its B rating on the $150 million revolving credit facility and $870 million (outstanding) first-lien term loan. The debt is issued by Surgery Center Holdings Inc. The recovery rating on this debt is 3, indicating expectations of meaningful (50% to 70%; at the upper end of the range) recovery of principal in the event of a default.
The agency also affirmed its CCC+ rating on the $490 million second-lien term loan. The recovery rating remains 6, indicating expectations of negligible recovery (0% to 10%) in the event of default. The debt is issued by Surgery Center Holdings Inc.
“High merger and integration costs related to the 2014 Symbion acquisition, the delayed start to the company realizing synergies from the transaction, as well as a slow start for acquisitions in 2015 has caused recent results to lag our previous expectations,” said S&P credit analyst Matthew O'Neill in a news release.
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