S&P shifts Soliant view to negative

S&P said it revised TTF Holdings LLC’s (Soliant Health) outlook to negative from stable and affirmed the B+ ratings on the company and its secured debt.

Soliant plans to issue a $180 million add-on to its outstanding $300 million senior secured first-lien term loan due 2028 and will use the proceeds and cash on hand, to fund a $200 million dividend to its shareholders.

“The negative outlook on Soliant reflects the risk to our base case assumption that it will maintain S&P Global Ratings-adjusted leverage of less than 5x. This also incorporates the potential that the demand for the company's staffing services will decline from currently elevated levels, causing its S&P Global Ratings-adjusted leverage to rise to 5x. The debt-funded dividend also significantly reduces Soliant's capacity to conduct near-term acquisitions at the current rating,” S&P said in a press release.

© 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.