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 S&P Global Ratings-adjusted debt to EBITDA of about 9.2x, including preference shares. Adequate liquidity assessment and positive free operating cash flow (FOCF) generation. Relatively robust funds from operations (FFO) cash interest coverage. The stable outlook on Germany-based home health care services provider GHD GesundHeits GmbH Deutschland (GHD) reflects S&P Global Ratings' view that GHD will maintain stable operating margins over the next 12 months, notwithstanding ongoing pressure on prices, mainly due
