Moody’s upgrades Cotiviti

Moody’s Investors Service said it upgraded Cotiviti Corp.'s corporate family rating to Ba3 from B1, as well as its probability of default rating to B1-PD from B2-PD.

The agency also upgraded the ratings on the company's first-lien debt to Ba3 from B1 and affirmed its SGL-1 speculative grade liquidity rating.

The outlook remains stable.

Moody’s said Cotiviti's ratings reflect the company's solid operating momentum, very good liquidity and steady pace of deleveraging in the nearly two years since its May 2016 IPO.

“Although Cotiviti has some customer concentration and modest scale, it has been posting double-digit-percentage revenue growth over the past several years, while sustaining EBITDA margins in the high-30%s,” the agency said in a news release.

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