(no subject)
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Some recent news about Hanger O and P that I was surprised has not yet been
posted on this server.
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S&P cuts Hanger Orthopedic <<A HREF=aol://4785:HGR>HGR.N</A>> ratings
NEW YORK, Jan 30 - Standard & Poor's today lowered its corporate credit,
senior secured bank loan, and subordinated debt ratings for Hanger Orthopedic
Group Inc. (See list below.)
The ratings remain on CreditWatch with negative implications, where they were
placed on Dec. 15, 2000, based on concerns about Hanger's
weaker-than-expected operating earnings and ability to meet its
bank-financing commitments. About $450 million of rated debt is affected.
The downgrade and continued CreditWatch listing reflect Standard & Poor's
increasing concern regarding Hanger's ability to improve its operating
performance and financial flexibility.
Although Bethedsa, Md.-based Hanger has a prominent market-leading position
in orthotics and prosthetics, weaker-than-expected profitability since its
1999 acquisition of NovaCare Orthotics & Prosthetics Inc. has affected its
credit profile.
The company's lackluster fourth-quarter 2000 operating results have raised
Standard & Poor's concern that Hanger's performance may not soon return to
levels characteristic of its former rating.
Before taking further rating action, Standard & Poor's will monitor Hanger's
success in coping with its debt-heavy capital structure, in particular, with
about $30 million of current maturities.
RATINGS DOWNGRADED, REMAINING ON CREDITWATCH
To From Corporate credit rating B/Watch Neg/-- B+/Watch
Neg/-- Senior secured bank rating B B+ Subordinated debt
CCC+ B-
16:44 01-30-01
Copyright 2001 Reuters Limited. All rights reserved. Republication or
redistribution of Reuters content, including by framing or similar means, is
expressly prohibited without the prior written consent of Reuters. Reuters
shall not be liable for any errors or delays in the content, or for any
actions taken in reliance thereon. All active hyperlinks have been inserted
by AOL.
posted on this server.
------------------------------------------------------------------------------
---------
S&P cuts Hanger Orthopedic <<A HREF=aol://4785:HGR>HGR.N</A>> ratings
NEW YORK, Jan 30 - Standard & Poor's today lowered its corporate credit,
senior secured bank loan, and subordinated debt ratings for Hanger Orthopedic
Group Inc. (See list below.)
The ratings remain on CreditWatch with negative implications, where they were
placed on Dec. 15, 2000, based on concerns about Hanger's
weaker-than-expected operating earnings and ability to meet its
bank-financing commitments. About $450 million of rated debt is affected.
The downgrade and continued CreditWatch listing reflect Standard & Poor's
increasing concern regarding Hanger's ability to improve its operating
performance and financial flexibility.
Although Bethedsa, Md.-based Hanger has a prominent market-leading position
in orthotics and prosthetics, weaker-than-expected profitability since its
1999 acquisition of NovaCare Orthotics & Prosthetics Inc. has affected its
credit profile.
The company's lackluster fourth-quarter 2000 operating results have raised
Standard & Poor's concern that Hanger's performance may not soon return to
levels characteristic of its former rating.
Before taking further rating action, Standard & Poor's will monitor Hanger's
success in coping with its debt-heavy capital structure, in particular, with
about $30 million of current maturities.
RATINGS DOWNGRADED, REMAINING ON CREDITWATCH
To From Corporate credit rating B/Watch Neg/-- B+/Watch
Neg/-- Senior secured bank rating B B+ Subordinated debt
CCC+ B-
16:44 01-30-01
Copyright 2001 Reuters Limited. All rights reserved. Republication or
redistribution of Reuters content, including by framing or similar means, is
expressly prohibited without the prior written consent of Reuters. Reuters
shall not be liable for any errors or delays in the content, or for any
actions taken in reliance thereon. All active hyperlinks have been inserted
by AOL.
Citation
“(no subject),” Digital Resource Foundation for Orthotics and Prosthetics, accessed November 1, 2024, https://library.drfop.org/items/show/215840.
