Moody’s ups American Dental, loans

Moody's Investors Service said it upgraded American Dental Partners, Inc.'s corporate family rating to B2 from B3, probability of default rating to B2-PD from B3-PD and senior secured credit facilities' rating to B1 from B2.

The outlook is stable. This action concludes the review initiated on June 16.

The upgrade reflects the reduction in adjusted debt due to changes in Moody's approach for capitalizing operating leases, published on June 15.

The upgrade also considers improved operating performance due to the realization of earnings attributable to recent cost reduction initiatives, and reflects Moody's expectation that the company will maintain a disciplined acquisition strategy and good availability under combined sources of internal and external liquidity.

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