Germany-based home care provider GesundHeits GmbH Deutschland (GHD) has successfully issued €310 million of first-lien notes and set up a €45 million secured revolving credit facility as a part of its takeover by private equity firm, Nordic Capital. We are assigning our 'B' long-term corporate credit rating to GHD's holding company, Cidron Gloria Holding GmbH (Cidron). The stable outlook reflects our view that Cidron will maintain an adjusted EBITDA margin of about 10% and funds from operations cash interest coverage of about 2.5x over the next 12 months. On Oct. 15, 2014, Standard&Poor's Ratings Services assigned its 'B' long-term corporate credit rating to Cidron Gloria Holding GmbH (Cidron), the holding company of Germany-based home health care services provider
