Moody’s might up HC Investments

Moody's Investors Service said it placed the B2 corporate family rating and B2-PD probability of default rating of HC Investments Sarl (Quirónsalud) under review for upgrade.

The action follows the Sept. 5 announcement that HC Investments entered into an agreement to be acquired by Fresenius SE & Co. KGaA (Baa3 stable).

Concurrently, the B1 ratings of the senior secured term loan A, senior secured term loan B and the revolving credit facility, and the Caa1 rating of the second-lien term loan, all issued at Desarrollos Empresariales Piera, S.L.U. (previously IDCSalud, S.L.U.), were also placed under review for upgrade.

Moody's said it views the outlined transaction as positive for HC Investments.

The new parent's financial flexibility, complementary service provision and geographic footprint are expected to support significant growth opportunities and the delivery of further cost synergies, while also creating a European leader in hospital management, the agency explained.

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