Moody's placed the ratings of Kindred Healthcare Inc., including the B2 corporate family rating, under review with direction uncertain.
Moody's said $3.2 billion of rated debt is affected by the deal.
The rating review will focus on the credit profile and final capital structure after the closing of the deal, as well as the strategic plan after the separation of existing businesses into two separate private entities.
If Kindred's debt is repaid and canceled, the rating agency will withdraw the ratings at that time. The deal is expected to close in the second half of 2018.