Moody’s raises Skilled Healthcare credit rating
Moody’s raised its corporate family rating on the Foothill Ranch, Calif., company to ‘B1’ from ‘B2.’ It said Skilled Healthcare should be able to generate more free cash over the next year to 18 months, and will use much of that cash to pay down debt. Moody’s also believes demand in the long-term care industry will remain stable.
The ‘B1’ rating is four notches below investment grade, meaning it is still non-investment grade or “junk” status. Moody’s reduced its outlook on Skilled Healthcare to ‘stable’ from ‘positive,’ meaning it does not expect further upgrades in the near future.
The company said on Tuesday that it is seeking to refinance its senior secured credit facility, which consists of a $260 million term loan and a $135 million revolving loan facility. Skilled Healthcare said it expects to extend the maturity date of its credit facility and modify some of its loan covenants. [Read the full article]
Las Vegas-based Global Cash Access, Inc. (“GCA”), a wholly owned subsidiary of Global Cash Access Holdings, Inc., is a leading provider of cash access products and related services to over 1,100 casinos and other gaming properties in the United States, Europe, Canada, the Caribbean, Central America and Asia. GCA’s products and services provide gaming patrons access to cash through a variety of methods, including ATM cash withdrawals, point-of-sale debit card transactions, credit card cash advances, check verification and warranty services, and Western Union money transfers. GCA also provides products and services that improve credit decision-making, automate cashier operations and enhance patron marketing activities for gaming establishments. [Read the full article]
Three years ago Congress set out to ease the burden of repaying federal student loans by creating a program that capped monthly payments at a certain percentage of take-home pay. That program hasn’t helped Julie Zumas, a public health worker in of Bethlehem, Pa., struggling under $60,000 in federal student loan debt. The 33-year-old signed up for the Department of Education’s Direct Loan consolidation program in November in order to qualify for income-based repayment. As part of the application she gave authorities access to her tax returns and a recent pay stub. When she learned that she had been approved a week later, Zumas was shocked to discover that her monthly payment had somehow doubled from the $200 she’d been sending Citibank each month under the standard repayment terms. [Read the full article]