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S&P rates Radiation Therapy notes to B
Standard & Poor's said it revised the outlook on Radiation Therapy Services Inc. to positive from stable and affirmed its B corporate credit rating. The agency also said it assigned a CCC+ debt rating and 6 recovery rating to the company's $310 million senior subordinated notes. The recovery rating reflects a 0% to 10% recovery of principal in the event of a default. The agency said it upgraded the company's senior secured facility to BB- from B+ and revised the recovery rating to 1, reflecting expectations of 90% to 100% recovery in the event of default, from 2.
The upgrade reflects the repayment of a portion of the term loan with proceeds of the subordinated notes, S&P said.
The ratings also consider the competitive and fragmented oncology market, reimbursement risk, geographic concentration and high debt leverage, the agency said.
These risks outweigh the growing need of cancer treatment spurred by an aging population, the company's development of cutting edge technologies and its leading positions in its key markets, S&P said.
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