Moody's downgrades GenesisCare

Moody's Investors Service said it downgraded Genesis Care Finance Pty Ltd.'s (GenesisCare) corporate family rating to B2 from B1 and changed the outlook to stable from negative.

At the same time, Moody's said it downgraded the ratings of the backed senior secured term loan B facility entered into by Genesis Specialist Care Finance UK Ltd. – a 100%-owned and guaranteed subsidiary of GenesisCare – to B2 from B1 and changed the outlook to stable from negative.

Moody's also downgraded the backed senior secured ratings of the senior secured term loan B facility entered into by GenesisCare USA Group Holdings, Inc. – a 100%-owned and guaranteed subsidiary of GenesisCare – to B2 from B1.

The outlook is stable.

“The downgrade reflects the impact of GenesisCare's debt-funded expansion on its leverage (Moody's adjusted debt/EBITDA), which we expect to remain above Moody's rating tolerance threshold of 6.0x at a B1 rating level,” said Maadhavi Barber, a Moody's analyst, in a news release.

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