Moody's cuts Apria to SGL-4

Moody's Investors Service said it lowered the speculative grade liquidity rating of Apria Healthcare Group, Inc. to SGL-4 from SGL-3 due to the company's weakened liquidity profile, arising from the increased refinancing risk of its Series A-2 Notes that will mature on November 1, 2014.

Apria's long-term ratings, including its B2 corporate family rating and B2-PD probability of default rating, are unchanged.

The outlook remains negative.

Apria's weak liquidity profile, denoted by the SGL-4 liquidity rating, largely stems from the need to address its roughly $157 million outstanding A-2 notes maturity coming due within the next 12 months. Moody's said it expects that there are not sufficient liquidity sources to meet the company's sizable debt obligations absent a refinancing.

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