S&P shifts Greenway view to stable

S&P said it affirmed Greenway Health LLC’s B- issuer rating and changed the outlook to stable from negative.

“Our stable outlook reflects our expectation of at least stable revenue and improving EBITDA margins as one-time expenses decrease and cost-cutting takes effect. We expect very high adjusted debt to EBITDA of 8x-10x, resulting in free cash flow of $5 million-$10 million. We believe the $50 million of cash on the balance sheet provides some cushion for additional growth investment or other uses,” S&P said in a press release.

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