Moody’s reviews CityMD

Moody's Investors Service said it placed the ratings of WP CityMD Bidco LLC under review with direction uncertain, including its B3 long term corporate family rating, B3-PD probability of default rating, B3 first-lien term loan due 2024, as well as the company's first-lien revolving credit facility expiring in 2022.

“These rating actions follow the announcement that CityMD will be merging with Summit Medical Group (unrated). Summit Medical Group operates as a physician-owned multispecialty practice in New Jersey,” the agency said in a news release.

“The ratings are being placed under review with an uncertain direction given the added scale and geographic diversity for the combined entity, but higher integration risk merging the urgent care centers of CityMD with the more specialized doctor practices provided by Summit.”

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