S&P pulls Affordable Care from watch

S&P said it affirmed Affordable Care Holding Corp.’s CCC+ issuer rating and removed it from CreditWatch with negative implications, where the agency placed it on March 30.

“Affordable Care's liquidity position has improved, reducing the risk for a downgrade. Second-quarter revenues were impaired by temporary clinic closures, with revenues declining 44% compared to the second quarter of 2019. They troughed in April, with complete closure of the network practices. As state economies started to reopen and dental procedures resumed in May, an uptick in demand resulted in about 115% of prior year same period revenues in July,” S&P said in a press release.

The outlook is negative.

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