S&P drops Cano ratings to D

S&P said it downgraded its ratings for Cano Health Inc. and its senior secured term loan to D from CCC- and its senior unsecured notes to D from C.

“We downgraded Cano after it filed for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code. This follows a deterioration in its profitability and cash flow due, in large part, to rising medical costs and the increase in short-term interest rates. We expect to reassess our ratings on the company and its new capital structure when it emerges from bankruptcy,” S&P said in a press release.

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