Moody’s snips Summit Behavioral loans

Moody’s Investors Service said it downgraded Summit Behavioral Healthcare, LLC’s senior secured first lien term loan and senior secured first lien revolving credit facility to B3 from B2, following the planned issuance of a $200 million incremental senior secured first-lien term loan that will be used to retire the senior secured second-lien term loan debt.

Concurrently, the agency affirmed Summit’s B3 corporate family rating and B3-PD probability of default rating.

“The first-lien debt is rated B3, in line with Summit's CFR, as it is the only class of financial debt outstanding,” Moody’s said in a press release.

The outlook is stable.

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