S&P gives GenesisCare loans B+, CCC-

S&P said it gave its B+ issue-level rating to the $200 million of first-out super-priority debtor-in-possession (DIP) new money term loans issued by Genesis Specialist Care Finance UK Ltd. and GenesisCare USA Holdings Inc. It also assigned a CCC- issue-level rating to the companies' $600 million second-out super-priority DIP roll-up loans.

Genesis Care Pty Ltd. for protection under Chapter 11 of the U.S. Bankruptcy Code on June 1.

“The issue ratings are based on our debtor credit profile (DCP) assessment of Genesis Care Finance Pty Ltd. (GenesisCare), which is operating under the protection of Chapter 11 of the U.S. Bankruptcy Code. The ratings primarily reflect our view of the credit risk borne by the DIP term lenders. These ratings are not indicative of ratings that may be assigned to exit facilities or the reorganized firm after bankruptcy,” S&P said in a statement.

The agency said it will not update or monitor these ratings and withdrew its D issuer rating on Genesis Care Pty and its outstanding debt.

© 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.