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Moody's upgrades American Renal
Moody's Investors Service said it upgraded American Renal Holdings, Inc.'s corporate family and probability of default ratings to B2 from B3.
Concurrently, Moody's upgraded American Renal's senior secured revolving credit facility to Ba3 from B1, its senior secured notes to B1 from B2, and its senior payment-in-kind toggle notes to Caa1 from Caa2.
The outlook is stable.
Moody's said the actions reflect an overall improvement in American Renal's operating performance, along with a reduction in leverage of almost two turns to 5.5x, for the period ending Sept. 30, 2012.
In addition, it's Moody's belief that American Renal will be able to sustain profitable growth, while funding expansion in a manner that doesn't weaken credit metrics, despite the challenging reimbursement environment, the agency added.
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