Moody’s made no changes to the company’s existing ratings and said the company’s outlook is stable.
The proceeds from the loan will be used to fund acquisitions.
Moody’s estimates U.S. Anesthesia Partners’ financial leverage will remain around 6 times its EBITDA over the next 12 to 18 months. U.S. Anesthesia Partners’ rating could be downgraded if the company fails to integrate acquisitions or adopts more aggressive financial policies. A downgrade could also occur if the company’s value is above 6.5 times EBITDA or if the company’s liquidity erodes.
On the contrary, Moody’s said U.S. Anesthesia Partners’ rating could be upgraded if it decreases its value to 5 times EBITDA.
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