S&P turns Compassus view to negative

S&P said it revised its outlook for FC Compassus LLC to negative from stable and affirmed the B ratings on the issuer and its loans.

“The negative outlook reflects the risk that patient volumes and profitability are slow to recover, exacerbated by the impact of sequestration on hospice reimbursement and proposed Centers for Medicare and Medicaid Services (CMS) reimbursement cuts for home health services leading to annual free cash flow generation remaining below 3% of debt (about $15 million annually) well into 2023,” the agency said in a press release.

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