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S&P moves U.S. Radiology view to stable
S&P said it revised its outlook for U.S. Radiology Specialists Holdings LLC to stable from positive and affirmed its ratings, including the B- ratings on the loans borrowed by its subsidiaries.
“The outlook revision reflects our expectation that cash flow will remain suppressed for the next several quarters, stemming from wage inflation and high-interest expenses. USRS has been facing operational challenges that are hurting profitability in 2022 from softer volumes, a shift in payer mix more toward Medicare, higher labor costs, and one-time costs. Also, cash flow was burdened in 2022 by high working capital due to the delays in collections and ability to bill new claims to an informational technology (IT) cyber incident in December 2021 as well as higher interest expenses,” the agency said in a press release.
S&P said it forecasts USRS’ adjusted leverage to stay above 8x.
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