S&P ups Physician Partners

S&P said it raised its ratings on Physician Partners LLC, its $600 million first-lien term loan and $80 million revolver to B+ from B. The recovery rating on the loans remains 3.

“The company has an expanding track record of performance. Physician Partners relies on technology-enabled capabilities that emphasize prevention and proactive care management to improve health outcomes and reduce healthcare costs for payers, resulting in such measures as lower expensive emergency room admissions for its covered patients. This creates substantial value for payers, resulting in higher patient retention rates and EBITDA margins, which have been steady, at the double-digit and low-teens percentage area,” S&P said in a press release.

The agency said it forecasts Physician Partners to keep its adjusted debt to EBITDA to remain below 5x.

The outlook is stable.

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