S&P lifts Greenway Health

S&P said it raised its corporate credit rating on Greenway Health LLC to B from B- and raised the rating on the company's first-lien term loan and revolver to B from B-.

The 3 recovery rating reflects expectations of meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a default.

The outlook is stable.

“The upgrade reflects the improvement in Greenway's adjusted debt leverage and cash-flow measures following a cost-savings initiative implemented in fiscal 2016, coupled with its transition to a SaaS (software as a service) business model from a license one,” the agency said in a news release.

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