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S&P: Vanguard Health notes B-
Standard & Poor's said it affirmed the corporate credit rating on Vanguard Health Systems Inc. at B.
The agency also said it assigned a B- rating to the $375 million senior notes due 2019 co-issued by Vanguard Health Holding Co. II Inc. and Vanguard Health Holding Co. II LLC.
S&P also said it assigned a recovery rating of 5, indicating 10% to 30% expected recovery in a default.
The outlook is stable.
The ratings on the company's existing debt issues remain unchanged.
The ratings reflect an expectation that acquisition activity will drive a 23% revenue increase in 2012, S&P said, and that its lease-adjusted EBITDA margin will increase about 70 basis points to the high-8% area.
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