S&P affirms Extendicare

Standard & Poor's said it affirmed the B+ corporate credit, B senior unsecured debt and B- subordinated debt ratings on Extendicare Health Services Inc.

S&P said this action incorporates the company's announcement of its intention to acquire Assisted Living Concepts Inc. for total consideration of about $280 million.

S&P said the speculative-grade ratings on Extendicare reflect the difficulties the company has faced, and will continue to face, in its industry, including a volatile reimbursement environment and significant insurance costs.

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