Moody's cuts Aurora debt

Moody's Investors Service said it downgraded the ratings on Aurora Diagnostics, LLC's senior notes to B3 (LGD5, 76%) from B2 (LGD5, 75%) and the amended credit facility to Ba2 (LGD2, 20%) from Ba1 (LGD2, 19%).

Aurora's B1 corporate family and probability-of-default rating remain unchanged.

The outlook remains negative.

The downgrade reflects the downsizing of the senior note offering to $200 million from $230 million, according to the agency.

Aurora's B1 corporate family rating reflects the company's comparatively small scale, relatively short operating history at its current size and the potential risks associated with a rapid growth rate, the agency said.

The rating also considers the company's history of favorable operating performance, including strong margins, solid free cash flow generation and relatively modest financial leverage targets, Moody's noted.

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