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Moody's gives Aurora Diagnostics, loan B1
Moody's Investors Service said it assigned a B1 corporate family and probability of default rating to Aurora Diagnostics, LLC.
Moody's said it also assigned a B1 (LGD3, 48%) rating to the company's proposed senior secured credit facilities, consisting of up to a $110 million revolving credit facility and a $230 million term loan.
The outlook is stable.
Finally, Moody's said it assigned a speculative-grade liquidity rating of SGL-2.
This is the first time Moody's is assigning ratings to Aurora Diagnostics.
Moody's noted that it understands that the proceeds of the facility will be used to refinance the company's existing debt and pay fees and expenses.
Aurora Diagnostics' 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 stated.
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