S&P assigns B to Ai Monet, loan

S&P said it assigned B ratings to Ai Monet (Luxembourg) ParentCo Sarl and its planned upsized €440 million senior secured term loan. Ai Monet is the parent company of Deutsche Fachpflege. The outlook is stable.

“Deutsche Fachpflege is well positioned to benefit from expected market growth. It is the leading outpatient intensive care service platform in Germany and should benefit from increasing demand from an aging population and high unmet needs. Consensus from sectorial reports estimated that the size of the group's addressable market in Germany–the outpatient market–in 2022 was approximately €31.6 billion, including €4.9 billion of specialized outpatient intensive care segment,” S&P said in a press release.

The agency said it forecasts S&P Global Ratings-adjusted leverage will decline to 6.6x in 2023 and stay below 6x over 2024-2025, down from 7.7x in December 2022.

The group will use the €440 million senior secured term loan to repay debt and simplify the capital structure.

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