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Moody’s ups Kindred to SGL-2
Moody's Investors Service said it affirmed Kindred Healthcare, Inc.'s B2 corporate family rating and B2-PD probability of default rating.
At the same time, the agency raised the company's speculative grade liquidity rating to SGL-2 from SGL-3.
The Ba3 rating on the senior secured term loan and the B3 rating on the unsecured notes were also affirmed.
The outlook is stable.
"The improvement in Kindred's liquidity rating stems from Moody's outlook for improved free cash flow over the next 12-18 months, higher cash balances and reduced borrowings on its revolving credit facility," Moody’s senior vice president Jessica Gladstone said in a news release.
"Recent actions the company has taken, including the discontinuation of the dividend, restructuring of its captive insurance programs and the exiting of the skilled nursing business have all improved Kindred's liquidity and better positioned the company to manage through the difficult reimbursement environment."
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