S&P rates MDVIP, facility B

S&P said it assigned a B corporate credit rating to MDVIP LLC and assigned a B issue-level rating to the company's first-lien credit facility, which consists of a $25 million revolving credit facility due 2022 and $215 million term loan due 2024.

The 3 recovery rating indicates expectations for meaningful (50%-70%; rounded estimate: 65%) recovery in the event of a default.

The outlook is stable.

“The ratings on MDVIP primarily reflect the company's concentration in the highly fragmented and still-evolving concierge medicine market, sensitivity of membership fees to economic downturns, modest scale (about $300 million in annual gross revenues) and high leverage,” the agency said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.