S&P upgrades Res-Care

Standard & Poor's said it raised the ratings on Res-Care Inc., including its corporate credit rating, which was raised to BB- from B+.

The agency also said it removed all of the ratings from CreditWatch, where they were placed with positive implications in November.

The outlook is stable.

The recovery ratings are unchanged, S&P said.

The upgrade was based on a reassessment of Res-Care's financial sponsor ownership on the company's credit risk profile, the agency said. The company's financial risk profile remains aggressive due to sponsor ownership that exceeds 80%, said Tahira Wright, an S&P analyst.

"We note that credit measures are very strong for the aggressive category, with leverage that will range between 2.5x and 3x," Wright said in a press release.

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