| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers C > Headlines for CareCentrix Holdings Inc. > News item |
S&P cuts CareCentrix
S&P said it downgraded CareCentrix Holdings Inc.'s ratings and subsidiary CareCentrix Inc.’s loans to B- from B. The loans’ 3 recovery rating indicates expectations for meaningful (50%-70%; rounded estimate: 55%) recovery in default.
As of Feb. 1, CareCentrix lost its largest client Cigna, which brought in about $1 billion a year in revenue.
“Over the next 12 months, we expect CareCentrix will generate negative free cash flow and see S&P Global Ratings-adjusted leverage rise to over 11x in 2021 from about 3.5x as of September 2020, due to lower EBITDA and lower margins related to the loss of Cigna and costs to restructure,” S&P said in a press release.
The outlook is stable.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.