Moody’s upgrades DaVita, facilities, notes

Moody's Investors Service said it upgraded DaVita, Inc.’s corporate family rating to Ba2 from Ba3, probability of default rating to Ba2-PD from Ba3-PD, senior secured credit facilities to Baa3 from Ba1 and senior unsecured notes to Ba3 from B1.

The speculative grade liquidity rating was affirmed at SGL-1.

The outlook is stable.

Moody’s said the upgrade of DaVita's corporate family rating to Ba2 reflects its expectation that the company will benefit from U.S. dialysis patient population growth of approximately 4% and stabilization of its integrated care business.

The agency expects that DaVita will maintain adjusted debt to EBITDA in the mid- to high-3 times range even in the face of several business uncertainties relating to biosimilars and the availability of charitable premium assistance.

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