S&P assigns B to Ardent Health, debt

S&P said it assigned its B corporate credit rating to Ardent Health Partners LLC.

The outlook is stable.

At the same time, the agency affirmed the B corporate credit rating on Ardent Legacy Holdings Inc.

S&P assigned a B issue-level rating and 3 recovery rating to the proposed senior secured debt held by AHP Health Partners Inc., indicating an expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in the event of a default.

“We expect all of Ardent Legacy Holdings LLC's debt will be repaid with the proceeds of the proposed debt and other new debt and expect to withdraw the ratings once they are repaid,” the agency said in a news release.

S&P said it expects that the company's profitability, free cash flow generation and adjusted debt leverage will improve substantially in 2019, but that it will remain highly leveraged as it pursues further growth opportunities.

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