S&P rates American Renal notes B

Standard & Poor's said it assigned a B corporate credit rating to American Renal Holdings, Inc., along with a B rating to the company's proposed $225 million senior secured notes maturing in 2018 with a recovery rating of 4, indicating an expectation of 30% to 50% in a default event. A BB- rating was assigned to its proposed $25 million revolving credit facility maturing in 2015 with a recovery rating of 1, indicating an expectation of 90% to 100% in the event of default.

The outlook is stable.

The ratings reflect American Renal's dependence upon a single disease treatment, exposure to potential adverse changes in payor mix and reimbursement and relatively small size with limited geographic diversity, S&P said.

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