S&P affirms Ramsay Generale de Sante after loan add-on

S&P said it affirmed its BB- long-term issuer credit rating on French private hospitals operator Ramsay Generale de Sante (RGDS). The outlook is stable.

At the same time, S&P affirmed its BB- issue and 3 recovery ratings on RGDS's €1.6 billion senior secured term loan B, including the proposed €750 million add-on. The recovery rating of 3 reflects an expectation of meaningful recovery (50%-70%; rounded estimate: 60%) in the event of a payment default.

The affirmation follows RGDS's acquisition, on Nov. 7, 2018, of the majority of Sweden-based hospitals operator Capio AB.

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