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Moody's slices Sound Inpatient
Moody's Investors Service said it downgraded Sound Inpatient Physicians, Inc.’s corporate family rating to B3 from B1, its probability of default rating to B3-PD from B1-PD, the ratings of the company's senior secured first-lien revolving credit facility and term loan to B2 from Ba3 and the senior secured second-lien term loan to Caa2 from B3.
“The ratings downgrade reflects Sound's considerable underperformance in 2021 and an expectation of only a modest recovery in the next one year. In the recent earnings announcement, Sound reported $169.2 million of EBITDA for 2021 which was approximately 20% lower than the management forecast in mid-2021,” Moody’s said in a press release.
The agency said it projects Sounds's adjusted financial leverage, Moody's adjusted basis, including pro forma contribution of acquisitions, spiked to about 14.4x, up from about low 6x at the end of December 2020.
The outlook is stable.
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