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S&P rates U.S. Renal loans B+, CCC+
Standard & Poor's said it affirmed the B corporate credit rating on U.S. Renal Care Inc.
The agency also said it assigned a B+ rating to its proposed $60 million revolving credit facility and $305 million first-lien term loan, along with a 2 recovery rating, indicating 70% to 90% expected recovery in a default.
S&P also said it assigned a CCC+ rating to the company's proposed $120 million second-lien term loan with a 6 recovery rating, indicating 0 to 10% expected recovery in a default.
When U.S. Renal's existing term loan is repaid with proceeds from the new financing, the agency said it will withdraw the ratings on that debt.
The ratings reflect the company's vulnerable business risk profile and highly leveraged financial risk profile, S&P said.
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