Moody’s downgrades Healogics

Moody's Investors Service said it downgraded CDRH Parent, Inc.'s (doing business as Healogics) corporate family rating to Caa1 from B3.

The outlook remains stable.

The agency said the downgrade reflects the company's weak financial performance within its clinics division. Specifically, the company's hyperbaric oxygen therapy treatments have substantially declined following stricter oversight of documentation implemented by Medicare.

Further, Moody's said it expects Healogics' liquidity to weaken as the company approaches a resolution for its pending litigation cases related to the utilization of its HBO treatments.

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