S&P Global Ratings placed all of its ratings on Kindred Healthcare Inc., including the B+ corporate credit rating, on CreditWatch with developing implications.
The CreditWatch placement comes after the company's agreement to be acquired by Humana Inc., Welsh Carson Anderson & Stowe and TPG Capital Management LP in an all-cash deal valued at $4.1 billion.
S&P Global expects to resolve the CreditWatch once the deal closes and may update the CreditWatch when more clarity is achieved on the organizational and capital structure under the new ownership.
The rating agency could affirm, lower, or raise the ratings given the material change in the corporate structure and the uncertainty relating to the redemption of the outstanding debt.
S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.
