Moody’s cuts Cano Health

Moody's Investors Service said it cut Cano Health, LLC’s probability of default rating to D-PD from Ca-PD.

However, the agency affirmed the corporate family rating at Ca, the senior secured first-lien credit facilities and the backed senior secured first-lien term loan at Caa3, and the C ratings on the senior unsecured notes. The speculative grade liquidity rating remains SGL-4. The outlook remains stable.

The downgrade and affirmations follow Cano voluntarily filing for protection under Chapter 11 of the U.S.

Bankruptcy Code on Feb. 4. Cano entered into a restructuring support agreement to lower debt and solicit potential offers, including the sale of the firm.

Moody’s said it plans to withdraw all its ratings for Cano.

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