S&P trims Greenway Health

S&P said it lowered its ratings for Greenway Health LLC and its first-lien term loan to CCC from CCC+.

“The lower rating on Greenway reflects the nearing maturity of the term loan, which increases the refinancing risk and risk of a default within the next 12 months. We believe that this leaves the company dependent on near-term favorable business, financial, and economic conditions to successfully refinance its debt and meet its obligations. We think this will depend on Greenway's ability to expand its customer base, manage expenses tightly, and see favorable interest rate changes and debt market access in 2023 ahead of its early 2024 maturity,” S&P said in a press release.

The agency said it continues to anticipate better operating results in 2023.

The outlook is negative.

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