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S&P revises AmeriPath to stable
Standard & Poor's said it revised its outlook on leading anatomic pathology laboratory AmeriPath Inc. to stable from positive and affirmed its B+ corporate credit and senior secured debt ratings and its B- subordinated debt rating.
S&P said the outlook revision reflects slower-than-expected improvement in the company's operations and credit profile.
The speculative-grade ratings reflect AmeriPath's participation in the U.S. market for anatomic pathology services, a niche segment of the diagnostic services market that is subject to reimbursement risks and competitive uncertainties.
The ratings also indicate management's aggressive financial policy, evidenced by its acquisition of more than 50 anatomic pathology businesses since its formation in 1996. The company performed a leveraged buyout in 2003.
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