S&P rates Sunrise Medical, loan B

S&P said it assigned its B long-term issuer credit rating to Cidron Ollopa Investmet BV (Sunrise Medical).

The outlook is stable.

At the same time, the agency assigned its B issue rating to the proposed senior secured €445 million first-lien term loan maturing in March 2025. The recovery rating is 3, indicating an expectation of average (50%-70%, rounded estimate: 50%) recovery prospects in the event of default.

S&P said the rating on Sunrise Medical reflects a view that its market share is generally stable within its addressable wheelchair market, which comprises the sale of complex and customized products, which represent 80% of 2018 total sales, and more standardized mobility products, which constitute the remaining part.

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