S&P acts on physical therapy providers

S&P said it took various actions on U.S. outpatient physical therapy providers amid potential disruption from Covid-19.

S&P placed its B rating on Athletico Holdings LLC on CreditWatch with negative implications.

The agency lowered the issuer credit rating on ATI Holdings Acquisition, Inc. to B- from B and instrument ratings one notch. It also placed the ratings on CreditWatch with negative implications.

S&P placed Upstream Newco Inc.’s B rating on CreditWatch with negative implications.

The agency placed Confluent Health LLC’s B- rating on CreditWatch with negative implications.

“Although it's difficult to quantify the financial impact to the U.S. outpatient physical therapy (PT) industry, we expect the Covid-19 pandemic will materially reduce revenue for non-critical outpatient rehabilitation physical therapy services over the next few months,” the agency said in a news release.

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