Moody's cuts Envision

Moody's Investors Service said it downgraded Envision Healthcare Corp.'s probability of default rating to D-PD from C-PD. Moody's, however, affirmed Envision's corporate family rating at C and all its facility ratings including the senior secured term loan rating at C, the ABL facility rating at Ca and the rating on the senior unsecured global notes at C. Moody's also affirmed the Ca rating on Envision's senior secured first-out term loan and C ratings on Envision's senior secured second- and third-out term loans due in March 2027.

Concurrently the agency affirmed the Caa1 rating on AmSurg, LLC’s senior secured revolving credit facility, the Caa2 rating on the senior secured first lien term loan and the C rating on the AmSurg senior secured second lien term loan. The outlook remains stable.

These actions follow the announcement that Envision voluntarily filed a petition for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code on Monday.

Moody’s said it plans to withdraw all the ratings because of the bankruptcy.

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