S&P downgrades Apria

Standard & Poor's said it lowered the corporate credit rating on Apria Healthcare Inc. to BB- from BB+ and removed its ratings from CreditWatch negative, where they were placed on June 19 after the company said it would be acquired by Blackstone Group.

The outlook is stable.

Ratings reflect the company's aggressive leverage, exposure to third-party reimbursement and pricing decisions, and challenges of managing the integration of Coram Inc. and implementing a number of strategic initiatives, the agency said.

These risks are only partially outweighed by Apria's leading position in providing specialized home health care services and equipment that generates significant cash flow, the agency noted.

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