S&P affirms Apria Healthcare

Standard & Poor's said it affirmed its ratings on Apria Healthcare Group Inc. (BB+/stable).

S&P noted that this affirmation follows Apria's proposed upsizing of its revolver to $600 million from $500 million.

The ratings on Apria reflect the exposure of the company's narrowly focused business to variable third-party reimbursement policies, its weaker performance in the second half of 2005 and its recently more aggressive financial risk and liquidity profiles, the agency noted.

These concerns are partially mitigated by the company's leading position in providing specialized home health care services and equipment and its history of generating significant cash flows, S&P added.

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