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Moody's rates RehabCare loans Ba3
Moody's Investors Service said it assigned a Ba3 rating (LGD3, 31%) to RehabCare Group, Inc.'s proposed $125 million revolver and a $500 million term loan as well as a Ba3 corporate family rating, a B1 probability-of-default rating and SGL-2 rating.
The outlook is stable.
Proceeds will be used to acquire Triumph Healthcare and refinance debt.
The Ba3 corporate family rating reflects expectation that the company will be able to integrate the operations of the Triumph facilities with limited disruption and benefit from the leveraging of the infrastructure across a larger base of hospitals and the sharing of best practices across its legacy facilities, Moody's said.
The rating also incorporates expectation that the combined company's stable and robust cash flow, combined with continued growth in all business lines and the company's unique position in the post-acute continuum of care should allow for rapid improvement in credit metrics, the agency noted.
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