Moody's upgrades Cano Health

Moody's Investors Service said it upgraded Cano Health, LLC’s ratings, including the corporate family rating to B2 from B3, the probability of default rating to B2-PD from B3-PD and the first-lien senior secured credit facilities to B2 from B3. At the same time, Moody's assigned a speculative grade liquidity rating of SGL-2 (good).

“The upgrade reflects Cano's solid organic and acquisition growth since the initial rating in December of 2020. Earlier this month, Cano successfully completed the business combination with special purpose acquisition company (SPAC) Jaws Acquisition Corp. The transaction has added almost $500 million of cash to the balance sheet, repaid $400 million of senior secured term loan and changed the ownership structure, as Cano is now a public company,” Moody’s said in a press release.

The outlook is stable. “Moody's expects that Cano will experience rapid growth, which should help to reduce its high geographic and customer concentration risk over the next 12-18 months to more moderate levels,” the agency said.

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