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Moody’s upgrades Tivity Health
Moody’s Investors Service said it upgraded Tivity Heath, Inc.’s corporate family rating to B2 from B3 and its probability of default rating to B2-PD from B3-PD. Concurrently, Moody’s raised the company’s senior secured credit facilities to B2 from B3. Moody’s also lifted Tivity’s speculative grade liquidity rating to SGL-1 from SGL-3.
“The upgrade reflects materially improved credit metrics following the $519 million debt paydown after the close of the sale of its nutrition business in December 2020. Pro forma for the debt reduction, Moody’s adjusted debt-to-EBITDA improved to about 3.2x from 4.3x for the trailing 12 months ended Sept. 30, 2020,” the agency said in a press release.
The SGL upgraded to SGL-1 from SGL-3 reflects an expectation for very good liquidity over the next year, Moody’s said.
The outlook is stable.
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