Mehiläinen is the leading privately owned operator of health care services in Finland, a market that benefits from a favorable regulatory environment. Mehiläinen has completed the first- and second-lien debt allocation, supporting its buyout by CVC. The final loan agreement and pricing is in line with our earlier assumptions, so we continue to expect Mehiläinen's S&P Global Ratings-adjusted leverage will be below 7.5x over the next 12-24 months, benefiting from increasing EBITDA. We are therefore assigning Mehiläinen our 'B' issuer credit rating. The stable outlook reflects our view that Mehiläinen will continue to grow organically through new greenfields and through smaller bolt-on acquisitions, while strengthening its operating margins, leveraging its track record of integrating acquired facilities, and rolling out new
