trending Market Intelligence /marketintelligence/en/news-insights/trending/l17tv8MrsW_yL9LNBErTIA2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

Moody's downgrades Quality Care Properties' ratings

Gauging Supply Chain Risk In Volatile Times

The Commercial Real Estate CRE Sector Feels the Impact of the Coronavirus

Credit Analytics Case Study Poundworld Retail Ltd

Segment

IFRS 9 Impairment How It Impacts Your Corporation And How We Can Help


Moody's downgrades Quality Care Properties' ratings

Moody's downgraded Quality Care Properties Inc.'s ratings, placing them on review for a further downgrade.

Moody's attributed the move to the worsening creditworthiness of HCR ManorCare, the tenant and operator of "substantially" all of the company's properties, contributing 94% of Quality Care Properties' total revenue as at end-March. The operator violated its forbearance agreement and defaulted on its June rent payment.

The rating agency downgraded the company's corporate family rating to B3 from B2, first-lien term loan rating to B3 from B2, first-lien credit facility rating to B3 from B2 and second-lien note rating to Caa1 from B3.

The rating agency cited the company's reliance on HCR, exposure to the heavily regulated skilled nursing segment and a negligible unencumbered asset pool, as reasons for the B3 corporate family rating.

According to a note, Moody's anticipates sustained disruptions in cash flows from HCR will lead to "material deterioration" in the company's operating profits and liquidity position in the next 12 to 18 months.

Furthermore, the rating agency noted that the ratings review will focus on the company's strategic direction, its capability to reach an out-of-court lease restructuring with HCR, and the impact of the move on its cash flows and HCR's EBITDAR coverage.