S&P affirms CDRH Parent

S&P said it affirmed its B- issuer credit rating on CDRH Parent Inc. (doing business as Healogics Inc.) The outlook remains negative.

In addition, the agency affirmed its B- issue-level rating on the company's secured debt. The recovery rating on this debt remains 3, indicating an expectation of average (50%-70%; rounded estimate: 50%) recovery for lenders in the event of payment default.

S&P also affirmed its CCC issue-level rating on the company's senior secured second-lien term loan. The recovery rating on this debt remains 6, indicating an expectation of negligible (0%-10%; rounded estimate: 0%) recovery for lenders in the event of payment default.

“The rating affirmation on CDRH reflects our belief that despite continuing operational pressures facing the company, its cash flow and cash balance enable management to continue to improve operations,” S&P said in a news release.

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