Moody’s lifts Surgery Center

Moody's Investors Service said it upgraded Surgery Center Holdings, Inc.'s corporate family rating to B2 from B3, probability of default rating to B2-PD from B3-PD, the senior secured first-lien revolving credit facility and senior secured first-lien term loan ratings to Ba3 from B1, and the ratings on the senior unsecured notes to Caa1 from Caa2. Moody's also revised the outlook to stable from positive. The speculative grade liquidity rating remains SGL-1.

“The upgrade reflects Moody's view that Surgery Partners has demonstrated solid operating performance despite labor and inflationary pressures that were a headwind in 2022. Moody's expects Surgery Partners' very good liquidity to support its future growth prospects while the company maintains a more conservative capital structure,” the agency said in a press release.

Moody's said it expects Surgery Partners to lower its leverage below 6x over the next 12-18 months.

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