S&P lowers Millennium Health

Standard & Poor’s said it lowered its corporate credit rating on Millennium Health LLC to CC from CCC+ and placed the ratings on CreditWatch with negative implications.

At the same time, S&P lowered the issue-level rating on the company’s senior secured term loan to CC from CCC+ and placed the rating on this debt on CreditWatch with negative implications. The recovery rating on this debt remains 4, indicating an expectation for average (30% to 50%, at the high end of the range) recovery to lenders in the event of payment default.

“The downgrade follows Millennium Health’s announcement that it has reached an agreement with a majority of its lenders to restructure its term loan, resulting in a reduction in total debt,” said S&P credit analyst Shannan Murphy in a news release.

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