Takecare Bidco: Update to credit analysis

Takecare Bidco: Update to credit analysis following upgrade to B2 from B3 - Credit Opinion – 2023/03/15 – US$ 250.00 – ...Takecare Bidco (Sante Cie)'s B2 corporate family rating (CFR) is supported by (1) the company's good market positions in the fragmented French home care services market; (2) its track record of solid organic growth driven, among others, by partnerships with other healthcare providers; (3) the growth potential of the French home care services market, backed by favorable demographics and the shift to home care; (4) Sante Cie's overall high degree of revenue visibility, supported by social security reimbursements and the stability of the patient portfolio; and (5) resilient margins, supported by the ability to generate economies of scale and limit the impact of tariff cuts. Conversely, the B2 rating is constrained by the company's (1) still small size with revenue amounting to 390 million as of LTM December 2022; (2) high exposure to ongoing tariff cuts in the French and German home care services markets; (3) currently high leverage, which stands at 6.2x as of end December 2022 and expected...

Moody's upgrades Takecare Bidco's CFR to B2 from B3; outlook stable - Rating Action – 2023/03/13 – US$ 180.00 – ...MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT...

Takecare Bidco (Sante cie): Update to credit analysis - Credit Opinion – 2022/07/26 – US$ 250.00 – ...Takecare Bidco is the top entity of Sante cie's restricted group, a company providing homecare services in the French and German markets. The B3 corporate family rating (CFR) is supported by (1) the company's good market positions in the fragmented French homecare services market; (2) its track record of solid organic growth driven, among others, by partnerships with other healthcare providers; (3) the growth potential of the French homecare services market, backed by favorable demographics and the shift to homecare; (4) its high degree of revenue visibility overall, supported by social security reimbursements and the stability of the patient portfolio; and (5) resilient margins, supported by the ability to generate economies of scale and limit the impact of tariff cuts. The rating is constrained by the company's (1) still small size; (2) high exposure to ongoing tariff cuts in the French and German homecare services markets; (3) high leverage (4) active M&A strategy, which might delay...

Takecare Bidco (Sante cie) : Loss Given Default (LGD) Assessment - LGD Assessment – 2022/07/26 – US$ 750.00 – MOODY'S INVESTORS SERVICE CORPORATES CLIENT SERVICES Americas 1-212-553-1653 Asia Pacific 852-3551-3077 Japan 81-3-5408-4100 EMEA 44-20-7772-5454 3 26 July 2022 Takecare Bidco (Sante cie) : Loss Given Default (LGD) Assessment ...

Takecare Bidco (Sante cie): Update to credit analysis following refinancing - Credit Opinion – 2021/06/11 – US$ 250.00 – ...Takecare Bidco is the new top entity of Sante cie's restricted group, a company providing homecare services in the French and German markets. In May 2021, the company issued a new 530 million term loan which will be used to refinance Sante cie's current capital structure, distribute 70 million to its current shareholders that will be used to partially payback convertible bonds they own and pay transaction fees. The B3 corporate family rating (CFR) and positive outlook assigned to Takecare Bidco balance (1) the re-leveraging effect of the refinancing transaction that increases the gross debt load by around 80 million (translating into around 1x Moody's adjusted leverage increase) and (2) Sante cie's good track record as a rated entity with an annual organic growth of around 10% on average over the April 2018 to December 2020 period, stable and high EBITDA margins, positive free cash flow since 2020 and now adequate liquidity. The B3 CFR is constrained by the company's (1) still small size;...