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S&P cuts Premise Health
S&P said it lowered the issuer credit rating on Premise Health Holding Corp. to B- from B. The outlook is stable.
At the same time, the agency lowered the issue-level rating on the company's first-lien debt to B- from B. The recovery rating on this debt is 3, indicating an expectation for meaningful recovery (50%-70%; rounded estimate: 60%) in the event of default.
S&P also lowered the rating on the second-lien term loan to CCC. The recovery rating is 6, indicating an expectation for negligible recovery (0%-10%; rounded estimate: 0%) in the event of default.
S&P said the company’s operating performance in 2022 underperformed S&P’s expectations.
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