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S&P shifts Mednax view to positive
S&P said it revised Mednax Inc.’s outlook to positive from stable and affirmed its ratings, including the B+ rating on its 6¼% senior notes due 2027.
“We expect lower leverage due to continued improvement in EBITDA. Though first quarter 2021 same-unit volume was down slightly as compared to the same period in 2019, we expect patient volume growth from the continued return to pre-pandemic life, largely in pediatric hospital-based volume such as pediatric hospitalist services and pediatric critical care,” the agency said in a press release.
S&P said it expects continued EBITDA growth and the decline in restructuring costs to continue decreasing leverage, and it anticipates Mednax to pursue shareholder-friendly activity.
“As such, we expect the company's leverage to remain between 4x-5x in 2021 and between 3x-4x in the longer run,” S&P said.
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