S&P cuts FHC Health debt to B

Standard & Poor’s said it affirmed its B long-term corporate credit rating on FHC Health Systems Inc. The outlook is stable.

At the same time, S&P lowered the issue-level ratings on the company’s first-lien credit facilities ($65 million revolver, $615 million upsized term loan) to B from B+. S&P revised the recovery ratings to 3 from 2, indicating that S&P expects a meaningful recovery at the high end of 50%-70% in the event of a principal default.

S&P said the ratings on FHC reflect its weak business risk profile and aggressive financial risk profile.

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