S&P affirms Covenant Surgical

S&P said it affirmed its B- issuer credit rating on Covenant Surgical Partners Inc. and the B+ rating on its senior secured revolving credit facility (with a 1 recovery rating indicating an estimate of 95% recovery in a default).

In addition, the agency affirmed its B- rating on its first-lien debt (with a 4 recovery rating indicating an estimate of 30% recovery in a default).

The affirmation follows Covenant’s addition of $75 million to its $45 million delayed-draw term loan.

“The stable outlook reflects our view that the company will remain acquisitive while generating moderate discretionary cash flow and maintaining adequate liquidity,” S&P said in a news release.

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