About Cabling Installation & Maintenance

Our mission: Bringing practical business and technical intelligence to today's structured cabling professionals

For more than 30 years, Cabling Installation & Maintenance has provided useful, practical information to professionals responsible for the specification, design, installation and management of structured cabling systems serving enterprise, data center and other environments. These professionals are challenged to stay informed of constantly evolving standards, system-design and installation approaches, product and system capabilities, technologies, as well as applications that rely on high-performance structured cabling systems. Our editors synthesize these complex issues into multiple information products. This portfolio of information products provides concrete detail that improves the efficiency of day-to-day operations, and equips cabling professionals with the perspective that enables strategic planning for networks’ optimum long-term performance.

Throughout our annual magazine, weekly email newsletters and 24/7/365 website, Cabling Installation & Maintenance digs into the essential topics our audience focuses on.

  • Design, Installation and Testing: We explain the bottom-up design of cabling systems, from case histories of actual projects to solutions for specific problems or aspects of the design process. We also look at specific installations using a case-history approach to highlight challenging problems, solutions and unique features. Additionally, we examine evolving test-and-measurement technologies and techniques designed to address the standards-governed and practical-use performance requirements of cabling systems.
  • Technology: We evaluate product innovations and technology trends as they impact a particular product class through interviews with manufacturers, installers and users, as well as contributed articles from subject-matter experts.
  • Data Center: Cabling Installation & Maintenance takes an in-depth look at design and installation workmanship issues as well as the unique technology being deployed specifically for data centers.
  • Physical Security: Focusing on the areas in which security and IT—and the infrastructure for both—interlock and overlap, we pay specific attention to Internet Protocol’s influence over the development of security applications.
  • Standards: Tracking the activities of North American and international standards-making organizations, we provide updates on specifications that are in-progress, looking forward to how they will affect cabling-system design and installation. We also produce articles explaining the practical aspects of designing and installing cabling systems in accordance with the specifications of established standards.

Cabling Installation & Maintenance is published by Endeavor Business Media, a division of EndeavorB2B.

Contact Cabling Installation & Maintenance

Editorial

Patrick McLaughlin

Serena Aburahma

Advertising and Sponsorship Sales

Peter Fretty - Vice President, Market Leader

Tim Carli - Business Development Manager

Brayden Hudspeth - Sales Development Representative

Subscriptions and Memberships

Subscribe to our newsletters and manage your subscriptions

Feedback/Problems

Send a message to our general in-box

 

KBRA Releases Research – Private Credit: Illness Spreads in Health Care Practice Roll-Ups

KBRA releases research noting that, without a solution to some of the industrywide setbacks, health care practice roll-ups—with their $45 billion in total debt—could be an outsized contributor to the higher direct lending default rate we anticipated this year (see Private Credit: 2025 Outlook). Health care roll-up platforms have long attracted investors eager to capitalize on the noncyclical nature of health care and the aging population in the U.S.; however, a combination of factors has recently exposed the fragility of the model.

In this KBRA report, we unpack the challenges faced by the subsector and assess whether these headwinds could continue the trend of lower recoveries observed in the bankruptcy processes for health care roll-ups in 2024.

Key Takeaways

  • In our assessment portfolio, health care roll-ups’ credit quality ranked among the worst at the median. This subsector had the second-highest leverage, most constrained liquidity—as gauged by the lowest interest coverage ratio of 1.1x—and the highest percentage of companies with negative cash flow from operations compared to any other sector. With lingering industrywide staffing and reimbursement headwinds, KBRA expects many of the over-levered roll-ups may be challenged without continued sponsor support.
  • Approximately 36% of the 111 health care roll-ups have a maturity date before year-end 2026, nearly double the share of the remaining 2,000 other borrowers assessed over the last 12 months (18%). The majority of those health care roll-ups also carry an assessment score of ccc+ or lower. The inability of these companies to already have extended maturities or refinance is not just a result of their performance, but also investor appetite.
  • During 2024, the health care roll-ups in our assessment portfolio had a 7% payment default rate by count, higher than any other sector. For health care roll-ups outside our assessment portfolio that defaulted and publicly filed for bankruptcy in 2024, the initial recovery value that senior lenders received was below the average first lien implied recovery rate in both the direct lending and syndicated loan market.
  • Despite believing most health care roll-ups will not default, KBRA is closely monitoring the 39 that have already received some form of lender or sponsor support, as we have observed sponsorship being withdrawn for health care roll-ups that have not demonstrated performance improvements. Key mitigating factors include the subsector’s strong credit agreement protections, the concentration of risk mostly being in a handful of specialty types, and the diversification of exposure across more than 40 managers.
  • The health care roll-up default experience has been more contained during 1H 2025, and performance appears to be improving slightly in some specialty areas. That said, the subsector has the highest percentage of companies we have assessed at ccc or ccc- in the Health Care Services and Technology sector—the assessment scores denoting the highest probability of default.

Click here to view the report.

Recent Publications

About KBRA

KBRA, one of the major credit rating agencies, is registered in the U.S., EU, and the UK. KBRA is recognized as a Qualified Rating Agency in Taiwan, and is also a Designated Rating Organization for structured finance ratings in Canada. As a full-service credit rating agency, investors can use KBRA ratings for regulatory capital purposes in multiple jurisdictions.

Doc ID: 1008771

Contacts

John Sage, Senior Director

+1 646-731-1452

john.sage@kbra.com

Shane Olaleye, Managing Director

+1 646-731-2432

shane.olaleye@kbra.com

Andrew Giudici, Global Head of Corporate, Project, and Infrastructure Finance

+1 646-731-2372

andrew.giudici@kbra.com

William Cox, Chief Rating Officer

+1 646-731-2472

william.cox@kbra.com

Media Contact

Adam Tempkin, Senior Director of Communications

+1 646-731-1347

adam.tempkin@kbra.com

Business Development Contacts

Michael Caro, Senior Director

+1 646-731-2382

michael.caro@kbra.com

Trent Ottoson, Senior Director

+1 646-731-1401

trent.ottoson@kbra.com

Stock Quote API & Stock News API supplied by www.cloudquote.io
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the Privacy Policy and Terms Of Service.