S&P nips Greenway Health

S&P said it lowered its ratings for Greenway Health LLC and its loans to CCC+ from B-. The 3 recovery ratings on the loans are unchanged.

“Our downgrade of Greenway primarily reflects the approaching term loan maturity and our expectation for a cash flow deficit in 2023 and 2024, which could hurt refinancing prospects. We believe that this leaves the company dependent on favorable business, financial, and economic conditions to successfully refinance its debt and meet its obligations,” S&P said in a press release.

The agency noted it expects Greenway to report improved results in 2023; however, its debt becomes current in less than two months and is due in February 2024.

The outlook is negative.

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