S&P upgrades Apria notes

Standard & Poor's said it raised Apria Healthcare Group Inc.'s $317 million senior secured A-2 notes to BB- with a recovery rating of 4 from B+ with a recovery rating of 5 and affirmed the company's other ratings, including the BB- corporate credit rating.

The outlook is stable

The agency said the company's improved operating performance from realizing additional cost savings has led to a heightened recovery outlook.

The BB- corporate family rating reflects the company's aggressive leverage, exposure to third-party reimbursement and pricing decisions, the agency said.

In S&P's view, these risks dominate the company's business risk profile despite Apria's leading position in providing specialized home health-care services and equipment that generates significant cash flows.

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