S&P turns AccentCare view to stable

S&P said it revised the outlook for Pluto Acquisition I Inc. (AccentCare Inc.) to stable from positive.

AccentCare’s credit metrics and free operating cash flow have been weaker than previously expected, partly due to higher-than-anticipated operating costs, the agency said.

“We now expect adjusted debt to EBITDA to be just under 9x in 2022 and 8x in 2023, which we do not consider to be commensurate with a higher rating, and we're less likely to raise it within the next 12 months,” S&P said in a press release.

Concurrently, the agency affirmed AccentCare’s ratings, including the B- rating on its floating-rate first-lien term loan due 2026.

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