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S&P affirms MDVIP B senior secured rating
S&P said it affirmed its B issue-level rating on MDVIP LLC's senior secured debt following the company's announcement that it will issue an incremental $75 million first-lien term loan. The 3 recovery rating remains unchanged, indicating an expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a payment default.
S&P said it revised the rounded recovery estimate to 50% from 65% to reflect the increased proportion of first-lien debt in the company's capital structure.
All of S&P’s other ratings on MDVIP, including the B issuer credit rating, remain unchanged.
“We view the revised transaction as leverage neutral and continue to forecast that the company will have a debt-to-EBITDA metric of about 6x in 2019,” S&P said in a news release.
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