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Moody's affirms RehabCare
Moody's Investors Service said it affirmed RehabCare Group, Inc.'s Ba3 corporate family rating, B1 probability of default rating, SGL-2 speculative grade liquidity rating, $125 million senior secured revolving credit facility due 2014 Ba3 (LGD3, 30% from LGD3, 31%) rating and $450 million senior secured term-loan due 2015 Ba3 (LGD3, 30% from LGD3, 31%) rating.
The outlook is stable.
The affirmation reflects the company's still relatively modest debt load and significant repayment of debt since late 2009, its unique position in the post-acute continuum of care and the expectation that the company's stable cash flow should allow for further improvement in credit metrics through debt repayment, Moody's said.
The rating also reflects risks associated with third party reimbursement developments that affect the company, the agency said.
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