S&P moves Atheletico trend to negative

S&P said it changed its outlook for Athletico Holdings LLC to negative from stable and affirmed the B ratings on the company and its first-lien revolver and term loan. The 3 recovery rating (50%-70%; rounded estimate: 50%) on the loans is unchanged.

Athletico failed to meet expectations for the first half of 2022 and staffing turnover is its greatest challenge, the agency noted.

However, “We believe Athletico made substantial progress to reduce turnover and add new clinicians but is still behind our expectations. Athletico continues to have open positions, particularly in mature clinics,” S&P said in a press release.

The agency said it sees a gradual improvement over the next 18 months, but metrics in 2022 and 2023 will be weak for the rating.

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