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S&P lifts Airborne Health
Standard & Poor's said it raised the corporate credit and senior secured debt ratings on Airborne Health Inc. to B- from CCC+ and removed them from CreditWatch, where they had been placed with developing implications on Sept. 19.
The outlook is stable.
The upgrade follows the company's receipt of an amendment on Oct. 3 and subsequent filing of its financial statements.
S&P said the ratings reflect the company's moderately leveraged financial profile, extremely narrow product focus, customer concentration, small size, aggressive financial policy and the segment's vulnerability to adverse publicity.
Airborne's lease-adjusted total debt-to-EBITDA ratio was nearly 4 times.
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