S&P could lower Apria

Standard & Poor's said it placed Apria Healthcare Group Inc. on CreditWatch with negative implications.

The watch follows the announcement about a merger agreement with an affiliate of Blackstone Group for about $1.6 billion, which will be financed through sponsor equity and debt financing.

"While specifics for the transaction were not disclosed, we expect the transaction will leave the company in a more highly leveraged position upon closing," S&P analyst Alain Pelanne said in a written statement.

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