S&P pares Elevate PFS

S&P said it lowered its Elevate PFS Parent Holdings Inc.’s (formerly MedData Inc.) issuer and secured debt ratings to CCC+ from B-. The 3 recovery rating on the debt is unchanged.

“The downgrade reflects Elevate's declining liquidity at a time of business uncertainty related to a challenging operating and macroeconomic environment. The company faced strong operational headwinds in 2022, related to the elongated public health emergency, slower-than-expected new business sales, and a systems migration late in the year. We don't expect these pressures will ease until the back half of 2023, causing the company to further draw on its revolver, diminishing its liquidity,” S&P said in a statement.

The outlook is negative.

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