S&P rates Sevita loan B

S&P said it gave B issue and 3 recovery ratings (50%-70%; rounded estimate: 55%) to National Mentor Holdings Inc.'s (Sevita) upcoming $200 million first-lien term loan B.

“Our ratings on Sevita (B/stable/--) are unchanged, including the first-lien issue-level rating of B and 3 recovery rating. Our ratings on Sevita continue to reflect the company's leading market position but narrow operating focus in a highly fragmented intellectual and development disability (IDD), traumatic brain injury (TBI) and spinal cord injury (SCI) industries,” S&P said in a press release.

S&P said it considers the loan to modestly credit negative but sees credit metrics staying in line with the current ratings.

Sevita will use the proceeds to fund future acquisitions.

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