Germany's largest provider of homecare services, and its leading wholesaler of medical devices and producer of custom-made infusions for drugs and nutrition. Exposure to political and regulatory changes in Germany due to a reliance on public funding. Established track record in winning health care tenders. Aggressive financial policy, with Standard&Poor's-adjusted debt to EBITDA of about 8.4x, including preference shares. "Adequate" liquidity assessment. Relatively robust funds from operations cash interest coverage. The stable outlook on Germany-based home health care services provider GHD Verwaltung GesundHeits GmbH Deutschland (GHD) reflects Standard&Poor's Ratings Services' view that GHD will maintain stable operating margins over the next 12 months, notwithstanding the ongoing pressure on prices, mainly due to the constraints on Germany's
