Moody's downgrades Care UK

Moody's Investors Service said it downgraded Care UK Health & Social Care Investments Ltd.'s corporate family rating and probability of default rating to B3 and B3-PD, respectively, as well as Care UK Health & Social Care plc's instrument ratings to Caa1.

The outlook on all ratings has been changed to stable from negative.

The downgrade was primarily driven by weak performance of Care UK despite the continuously increasing size of the group, coupled with an increase in adjusted debt levels over the last year, the agency said.

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