Moody's upgrades Summit Health

Moody's Investors Service said it upgraded the ratings of WP CityMD Bidco LLC (Summit Health), including the corporate family rating to B1 from B2 and the probability of default rating to B1-PD from B2-PD. The agency also upgraded the first-lien term loan due 2026 to B1 from B2, as well as the first-lien revolving credit facility expiring in 2024 to B1 from B2.

“The upgrade reflects the positive operating momentum related to the ongoing coronavirus pandemic, as well as the added scale and geographic diversity after successfully integrating the acquisition of Summit Medical Group. Although there is uncertainty regarding the evolution of the pandemic, Moody's anticipates that Summit will experience a continuation of pandemic-related healthcare services, such as Covid-19 testing, at least over the near term. In addition, Summit Health has a very solid growth outlook as it continues to build on its referrals between its two lines of businesses with the urgent care and physician practices/specialty service lines,” the agency said in a press release.

The outlook is stable.

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