Moody's lifts VCA Antech view to positive

Moody's Investors Service said it has affirmed all ratings for VCA Antech, Inc. and Vicar Operating Co., VCA's wholly owned subsidiary.

Moody's also changed the outlook from stable to positive, reflecting recent positive operating trends, debt reduction and expectation that such trends will continue.

The Ba3 corporate family rating reflects favorable trends in industry dynamics, VCA's strong position in its markets, and low susceptibility to regulatory risk (e.g. Medicare reimbursement) and litigation, the agency said.

The rating also reflects reasonably high operating margins, strong cash flows and a track record of debt prepayment, Moody's noted.

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