Moody’s cuts BW NHHC Holdco

Moody’s Investors Service said it downgraded the ratings of BW NHHC Holdco, Inc. (dba Elara Caring) including the corporate family rating to Caa1 from B3 and the probability of default rating to Caa1-PD from B3-PD. Concurrently, Moody’s downgraded the company’s first lien senior secured credit facility to B3 from B2 and the second lien senior secured credit facility to Caa3 from Caa2.

“The downgrade of the ratings reflects Elara’s weakened liquidity and increased financial leverage. The company has faced challenges integrating multiple legacy businesses following an aggressive roll-up strategy and the large merger of Great Lakes and Jordan Health in 2018,” said Moody’s in a press release.

The outlook is stable.

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