S&P pulls Covenant Surgical from watch

S&P said it affirmed Covenant Surgical Partners Inc.’s B- issuer rating and removed its ratings from CreditWatch with negative implications. The agency placed the ratings on watch on March 25.

“Surgical case volume has steadily improved. Covenant Surgical had sufficient liquidity to weather the trough of the pandemic, and surgical case volume has steadily increased each month since April. All of Covenant’s facilities are open, and we expect continued steady recovery as the pandemic subsides. However, we believe some risk remains as it appears Covid cases are again increasing, although we do not anticipate widespread stay-at-home orders similar to March and April,” S&P said in a press release.

Covenant’s liquidity is adequate for 12 months, S&P said.

The outlook is stable.

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