S&P upgrades MultiPlan

Standard & Poor’s said it raised the rating on MultiPlan Inc.’s senior secured facilities, which are comprised of a $2 billion term loan F due 2021 and a $75 million revolver due 2019, to B+ from B and revised the recovery rating on the debt facilities to 2 from 3.

The 2 recovery rating indicates 70% to 90% expected default recovery.

In the past year, the company has made $200 million of voluntary debt prepayments and increased EBITDA by more than 10% through revenue growth and margin improvement, S&P said.

The company’s CCC+ senior unsecured debt rating and 6 recovery ratings are unchanged.

The B long-term corporate credit rating on the company also is unchanged, supported by its fair business risk profile and highly leveraged financial risk assessment, the agency said.

The outlook is stable.

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