Moody's: Community Care Health view to negative

Moody's Investors Service said it affirmed Community Care Health Network, LLC's B2 corporate family rating, B3-PD probability of default rating and the B2 (LGD 3) ratings on its first-lien debt, consisting of a $330 million term loan and $20 million revolver.

The company does business as Matrix.

The outlook also was revised change to negative from stable.

An abrupt and unexpected slowdown in volumes at Matrix's HealthFair mobile comprehensive health assessment business, acquired in February 2018, has prevented the revenue growth and leverage reduction that Moody's said it anticipated, Moody's said.

The agency said it anticipates Matrix's adjusted-debt-to-EBITDA ratio will remain higher than 5x through 2019.

The ratings are supported by Matrix's good, first-mover market position, Moody's said.

Customer concentration is high, as Matrix's top five customers constitute two thirds of its revenues, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.