S&P gives Aurora Diagnostics, loan B

Standard & Poor's said it assigned a B corporate credit rating to Aurora Diagnostics Inc.

At the same time, the agency said it assigned a B issue-level rating to Aurora Diagnostics LLC's proposed $230 million senior secured term loan maturing in 2016 and $110 million revolving credit facility maturing in 2014. The recovery rating on these credit facilities is 4.

The outlook is stable.

The speculative-grade ratings reflect Aurora's aggressive growth strategy, narrow operating focus, early-stage status, relatively small scale, potential for reimbursement pressure, and the reduction in liquidity from earnout payments and tax receivables agreements, the agency added.

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