S&P affirms AAC Holdings

S&P said it affirmed its B- corporate credit rating on AAC Holdings Inc.

The outlook is positive.

At the same time, the agency affirmed the B- issue-level rating on the company's senior secured credit facility, which comprises a $55 million revolving credit facility due 2022 and a $210 million term loan B due 2023.

The 3 recovery rating remains, indicating an expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in the event of a payment default.

S&P said it affirmed the ratings because AAC Holdings has made operational progress over 2017 by lowering its days-sales-outstanding and improving its payor mix through the acquisition of AdCare Inc.

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