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S&P upgrades Aveta
Standard & Poor's said it raised its counterparty credit rating on Aveta Inc. to CCC+ from CCC and the senior secured debt ratings of MMM Holdings Inc. and NAMM Holdings Inc. to CCC+ with a recovery rating of 4 from CCC.
The outlook is positive.
The agency said the upgrade reflects Aveta's improving earnings and cash flow profile, which has been driven mainly by core operational fixes related to medical management and contracting initiatives implemented by the new management team. In addition, the company's liquidity position and financial flexibility are now somewhat less constrained because Aveta is fully compliant with all financial covenants.
The positive outlook reflects S&P's expectation for sustained business and financial profile development commensurate with progress achieved throughout the second half of 2007 and first quarter of 2008.
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