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S&P might cut 21st Century Oncology
Standard & Poor's said it placed its B- long-term corporate credit rating on 21st Century Oncology Holdings Inc. on CreditWatch with negative implications.
In addition, the agency placed its B- senior secured rating and CCC senior unsecured rating on subsidiary 21st Century Oncology Inc.'s debt on CreditWatch negative.
"The CreditWatch placement reflects the potential adverse impact on the company's financial risk profile from its announcement on March 25 that it will restate its financial statements for the three years from 2012-2014 and the first three quarters of 2015," S&P credit analyst Matthew O'Neill said in a news release.
In addition, the company's failure to file its 10-K by March 31 will trigger a technical event of default.
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