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S&P lowers InSight to SD
Standard & Poor's said it lowered its corporate credit rating on InSight Health Services Corp. to SD from CCC.
At the same time, S&P said it lowered its rating on InSight's subordinated debt to D from CC and its rating on InSight's senior secured debt to CC from CCC.
The senior secured debt rating remains on CreditWatch with developing implications, where it was placed on Feb. 20, the agency said, noting that these actions reflect InSight's failure to make the semi-annual interest payment on its outstanding $195.4 million of 9.875% senior subordinated notes due 2011, which was due May 1.
The agency added that InSight announced that it is again extending its offer to exchange shares of its common stock for $194.5 million of 9.875% senior subordinated notes due 2011.
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