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Moody's raises Acadia Healthcare
Moody's Investors Service said it upgraded the ratings of Acadia Healthcare Co., Inc., including its corporate family rating to Ba3 from B2 and probability of default rating to Ba3-PD from B2-PD.
Moody’s also raised Acadia's senior secured ratings to Ba1 from Ba2 and its senior unsecured ratings to B1 from B3. The rating agency also changed Acadia's speculative grade liquidity rating to SGL-2 from SGL-1. The outlook, previously on review, is stable. This concludes the review of Acadia, Moody’s said.
“The ratings upgrade reflects the significant deleveraging that followed the January 2021 divestiture of Acadia's challenged U.K. operations. The upgrade also reflects Moody's expectation that the company will operate with more conservative financial policies going forward. These factors more than make up for the loss of scale and geographic diversity as a result of the divestiture as well as the continued pursuit of aggressive growth in the U.S.,” the agency said in a press release.
The outlook change reflects the expectation for better operating performance post-divestiture while Acadia maintains good scale and geographic and service line diversity, Moody’s said.
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