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S&P shifts U.S. acute view to positive
S&P said it revised U.S. Acute Care Solutions Inc.’s outlook to positive from stable and affirmed its B- ratings.
“U.S. Acute Care Solutions Inc.'s performance through the first half of 2021 has demonstrated that margin improvements from 2020 are more sustainable than previously expected. The company's first half 2021 operating results benefitted from a rebound in revenue along with EBITDA margins that have remained strong following the significant improvement in 2020. Revenues grew in the mid-teens on a year-over-year basis for the first half, benefitting from a rebound in billable encounter volumes to about 95% of pre-pandemic levels in the second quarter,” S&P said in a press release.
The outlook reflects an expectation for improved credit measures, despite lingering pandemic-related risks related to the recent delta variant spread, the agency said.
“We expect adjusted debt to EBITDA below 8x and the ratio of free cash flow to debt of above 3% in 2021,” S&P said.
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