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S&P: Apria view to negative
Standard & Poor's said it revised the outlook to negative from stable on Apria Healthcare Group Inc.
The negative outlook reflects decreased confidence in Apria's ability to meet an expectation for cash flow over the next six quarters, S&P said.
The agency also said it affirmed its B+ rating.
The issue-level rating on the A-1 notes is BB with a recovery rating of 1, indicating 90% to 100% expected recovery in a default. The issue-level rating on the A-2 notes is B with a recovery rating of 5, indicating 10% to 30% expected recovery expectation.
Apria's financial risk profile is aggressive, reflecting an expectation that adjusted leverage will remain between 4x and 5x over the near term, S&P said.
The financial risk profile also takes into account the company's current trend of operating at a cash flow deficit, the agency said.
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