S&P lowers AMT

S&P said it lowered its ratings for AMT TopCo LLC and its loan ratings to CCC+ from B-. The 3 recovery rating is unchanged and reflects an expectation for meaningful recovery (50%-70%; rounded estimate 60%) if AMT defaults.

“We expect AMT's post-acute business to continue to decline in 2023. The post-acute business experienced significant Covid-19-driven volume reductions at skilled nursing facilities (SNFs) over the last two years. While SNF occupancy is gradually improving, AMT still faces headwinds from aggressive and acquisitive competitors, facility closures, and a rapid reimbursement mix shift toward Medicare Advantage, which generally provides lower reimbursement than Medicare,” S&P said in a press release.

The outlook is negative.

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