Moody's cuts American Dental loans

Moody's Investors Service said it downgraded American Dental Partners, Inc.'s corporate family rating to B3 from B2 and its senior secured credit facilities, including its $205 million senior secured term loan and $36 million revolving credit facility, to B2 from B1.

The outlook is negative.

Moody's said the action reflects the recent deterioration in the company's internal and external liquidity sources, as well as reduced headroom under the company's credit facility financial covenants due to the deterioration in the company's EBITDA, combined with approaching step-downs over the next several quarters.

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