Moody's confirms ResCare, gives loan Ba1

Moody's Investors Service said it confirmed the ratings of ResCare, Inc., including the Ba3 corporate family rating and probability of default rating.

At the same time, Moody's said it changed the outlook to negative from stable.

This concludes the rating review for possible downgrade, initiated on Dec. 3.

Concurrently, Moody's said it rated the proposed new $275 million senior secured credit facility Ba1, LGD2, 19%.

The confirmation of the long-term ratings reflects the company's recent consent from lenders, which avoided a covenant violation due to an anticipated litigation related charge, as well as the progress the company has made towards refinancing its current credit facility, the agency noted.

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