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Moody's downgrades FC Compassus
Moody's Investors Service said it downgraded the ratings of FC Compassus, LLC, including the corporate family rating to B3 from B2, probability of default rating to B3-PD from B2-PD, and senior secured first-lien bank credit facilities ratings to B3 from B2.
“The ratings downgrade reflects Compassus' high gross debt-to-EBITDA levels, which Moody's expects will remain elevated over the next 12 to 18 months. Compassus' EBITDA has been negatively impacted by certain headwinds, most notably from a clinical labor shortage, which Moody's expects to continue. As a result of above-average wage inflationary pressures on the company's costs, Moody's expects EBITDA growth to remain subdued such that Moody's adjusted gross debt to EBITDA will remain above seven times over the next 12 to 18 months,” the agency said in a statement.
The outlook is stable.
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