Moody’s affirms NMC Health

Moody's Investors Service said it affirmed the Ba1 corporate family rating and Ba1-PD probability of default rating of NMC Health plc.

Concurrently, Moody's affirmed the Ba1 rating of the $400 million trust certificates of NMC Healthcare Sukuk Ltd. due 2023.

Moody's changed the outlook to negative from stable.

“Today's change in outlook to negative reflects NMC's higher than anticipated leverage and slower deleveraging trajectory,” the agency said in a news release.

“Whilst operating cash flow generation has been strong, NMC carried out a number of acquisitions which have been partly debt-funded along with the ever growing capital needs to take advantage of attractive organic growth opportunities in Saudi Arabia and other markets.”

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.