S&P trims Physician Partners

S&P said it lowered the issuer credit rating on Physician Partners LLC to B- from B+.

The agency also lowered the issue-level rating on the company's senior secured debt to B- from B+. The recovery rating remains 3.

At the same time, S&P said it placed all its ratings on Physician Partners on CreditWatch with negative implications.

Physician Partners “underperformed our expectations in 2023” due mainly to a higher-than-expected medical cost ratio. It also appears that its de novo centers may not be ramping up as quickly as anticipated and 2024 revenue growth will be lower than previously expected, S&P said in a news release.

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