VCVH Holding II Corp. Ratings Placed On CreditWatch Positive On Acquisition of Cotiviti Corp.

Stocks and Financial Services Press Releases Wednesday June 20, 2018 09:34
NEW YORK--20 Jun--S&P Global Ratings

NEW YORK (S&P Global Ratings) June 19, 2018--S&P Global Ratings today placed its 'B-' corporate credit and debt ratings on VCVH Holding II Corp. (Verscend) on CreditWatch with positive implications following the company's announcement that it plans to acquire Cotiviti Corp. (BB-/Positive/--).

The CreditWatch placement reflects Verscend's proposed acquisition of higher-rated Cotiviti and the potential for the ratings to be raised when the transaction closes. We could view the combined business as a stronger and higher-margin business than the stand-alone Verscend company. Details of the capital structure have not been announced, but we expect leverage will remain high under private equity ownership. Still, given the 'B-' rating on Verscend and the potential business improvements from the transaction, we believe there is some upside potential in the rating.

We expect to resolve our CreditWatch listing when the transaction closes.

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