S&P puts IDCSalud on positive watch

S&P said it placed IDCSalud Holding SLU’s B+ long-term corporate credit rating on CreditWatch with positive implications.

The agency also said it placed the B+ and B- ratings on IDCSalud’s senior and second-lien facilities on CreditWatch positive.

The CreditWatch placements follow news that Fresenius SE & Co. KGaA agreed to acquire the company for €5.76 billion, S&P said.

The agency also said it affirmed the BBB- rating on Fresenius. The rating is not affected by the acquisition as the transaction is consistent with expectations, S&P said.

The ratings reflect an opinion that the announced transaction is neutral to Fresenius's strong business risk profile, the agency said.

The ratings also consider that the company will continue to manage its discretionary spending so debt-protection metrics don’t further deteriorate, S&P said.

The agency said it expects the company to maintain a adjusted debt-to-EBITDA ratio of less than 4x.

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