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Moody's affirms Prodigy Health
Moody's Investors Service said it has affirmed the B2 corporate family rating of Prodigy Health Group, Inc.
The rating agency said it also affirmed the B2 senior secured rating of Prodigy's secured first-lien credit facility ($171 million term loan and $20 million revolver), and the Caa1 senior secured rating of Prodigy's $75 million second-lien secured credit facility.
The outlooks remain stable.
According to Moody's, the B2 corporate family rating reflects the company's high financial leverage (debt to EBITDA of 5.5x as of Dec. 31, where debt includes operating leases), low coverage ratio (EBITDA interest coverage of about 2.0x as of Dec. 31), and negative after-tax earnings over the last few years.
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