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S&P lifts Medical Depot, rates loan CCC-
S&P said it raised its issuer credit rating on Medical Depot Holdings Inc. to CCC+ from D.
S&P also raising the issue-level rating on the first-lien debt to CCC and revised the recovery rating to 5 (rounded estimate: 15%) from 3.
S&P also raised the issue rating on the second-lien debt to CCC- with no change in recovery rating at 6 (rounded estimate: 0%).
In addition, S&P said it assigned a CCC- issue-level rating and 6 recovery rating (rounded estimate: 0%) to the convertible 1.5-lien term loan. The $35 million new money term loan is not rated.
The outlook is negative.
“The rating actions follow Medical Depot's closing of the debt exchange transaction, which has provided additional liquidity and temporary relief from certain near-term cash debt service payments but that we view as distressed,” S&P said in a news release.
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