Moody’s changes ADMI view to negative

Moody’s Investors Service said it changed ADMI Corp.’s (Aspen Dental) outlook to negative from stable and affirmed its B2 corporate family rating, the B2-PD probability of default rating and the B2 first-lien senior secured debt rating.

“The change of outlook reflects the combined credit effects of the rapid and widening spread of the coronavirus outbreak, deteriorating global economic outlook, falling oil prices, and asset price declines. These developments are having unprecedented effects and are creating a severe and extensive credit shock across many sectors, regions and markets,” said Moody’s in a press release.

Using guidance from the American Dental Association and the Centers for Medicare & Medicaid Services to limit non-essential medical and surgical procedures, Moody’s said it believes dental service organizations like Aspen Dental will suffer a significant drop in volumes over the coming weeks.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.