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S&P drops Triad Hospitals
Standard & Poor's said it lowered its corporate credit rating on Triad Hospitals to B+ from BB.
At the same time, the rating was placed on CreditWatch with negative implications, following the announcement that the company has agreed to be acquired by CCMP Capital Advisors and GS Capital Partners, the agency said.
The transaction is valued at about $6.4 billion, according to S&P, which added that it expects that the transaction will include the issuance of a significant amount of new debt.
The corporate credit rating may be lowered further because the agency said it believes Triad's financial profile will be substantially weakened.
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