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S&P affirms Trident Holding
S&P said it affirmed its B- corporate credit rating on Trident Holding Co. Inc.
At the same time the agency affirmed the B- issue-level ratings on the company's first-lien debt. The recovery rating remains 3, indicating expectations for meaningful recovery in the event of default, at the high end of the 50% to 70% range.
S&P also affirmed the CCC issue-level rating on the second-lien debt, and the recovery rating is 6, reflecting expectations for negligible (0% to 10%) recovery in the event of default.
“The affirmation reflects our view that despite the improvement in scale and profitability from the acquisition, the company will continue to face substantial challenges, as the skilled nursing industry (which represents 80% of Trident's customer base) faces intensifying headwinds,” said S&P credit analyst Lucas Taylor in a news release.
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