S&P affirms DomusVi, notes, ups revolver

S&P said it affirmed its B long-term corporate credit rating on HomeVi, the holding company of France-based private elderly care home operator DomusVi.

The outlook is stable.

In addition, S&P affirmed the B issue rating on DomusVi's €802 million of senior secured notes, issued by HomeVi, including the proposed tap of €322 million. The recovery rating on these notes is unchanged at 4, indicating an expectation of average recovery, in the lower half of the 30%-50% range.

At the same time, S&P raised to BB from BB- the issue rating on the super senior revolving credit facility maturing in 2021. The recovery rating on this revolver is now 1+, reflecting the revolver’s seniority in the capital structure.

The rating actions follow DomusVi's agreement to acquire the largest Spanish nursing home operator SARquavitae. Following the acquisition, DomusVi will become a clear market leader in Spanish market, S&P said in a news release.

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