S&P rates Cidron Gloria loans B

Standard & Poor’s said it assigned a B long-term corporate credit rating to Cidron Gloria Holding GmbH, the holding company of GHD GesundHeits GmbH Deutschland.

The agency also said it assigned a B rating to Cidron’s senior secured debt facilities with a recovery rating of 4, indicating 30% to 50% expected default recovery.

The outlook is stable.

The ratings reflect the company’s relatively small size, reliance on public funding and concentration in Germany, S&P said.

Reimbursement rates and bonus levels are expected to remain relatively flat over the next 12 months, S&P said.

The ratings also consider the group’s status as the only home care provider with national coverage and contracts, the agency said, and the group’s vertically integrated business model.

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