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S&P lowers Aveanna
S&P said it downgraded Aveanna Healthcare LLC to CCC+ from B-.
The outlook is negative.
Aveanna terminated its planned acquisition of Maxim Health Service Inc.'s home care services division.
Concurrently, the company terminated its debt and equity financing that was intended to fund the acquisition, and also cancelled the scheduled increase in the size of its revolving credit facility.
“Aveanna incurred sizeable acquisition-related costs that widened its near-term discretionary cash flow deficit,” the agency said in a press release.
S&P lowered the issue-level ratings on Aveanna's senior secured first-lien debt and second-lien debt to CCC+ and CCC- from B- and CCC, respectively. The recovery ratings on the debt remain 3 and 6, respectively.
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