Moody's ups Hanger Orthopedic

Moody's Investors Service said it changed the outlook on Hanger Orthopedic Group Inc. to positive from stable.

In addition, Moody's upgraded the ratings on Hanger's senior secured credit facilities to Ba2 from provisional Ba3 and assigned a speculative grade liquidity rating of SGL-2.

Concurrently, Moody's affirmed the B1 corporate family and probability of default ratings and the B3 rating on Hanger's senior unsecured notes.

Moody's said it raised its ratings on Hanger's credit facilities to reflect changes in the debt capital structure, namely the $9 million in subordinated seller notes that are legally subordinated to the company's existing debt, along with a reduction in the company's outstanding senior secured debt.

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