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Moody's cuts Sound Inpatient Physicians
Moody's Investors Service said it downgraded the ratings of Sound Inpatient Physicians, Inc., including the corporate family rating to Caa2 from B3 and the probability of default rating to Caa2-PD from B3-PD.
Moody's also downgraded the ratings of the company's senior secured first-lien revolving credit facility and term loan to Caa1 from B2 and the senior secured second-lien term loan to Ca from Caa2.
The outlook is stable.
“The ratings downgrade reflects Moody's view that the company will remain free cash flow negative over the next few quarters. Additionally, the company's $75 million revolving credit facility is current and is scheduled to expire in June 2023,” Moody’s said in a news release.
“With the company's financial leverage at approximately 14.9 times at the end of June 2022 (on Moody's adjusted basis) and uncertain prospects of profit recovery, the risk of the company pursuing a transaction that Moody's considers to be a distressed exchange (and hence a default under Moody's definition) has increased.”
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