S&P cuts Athletico Holdings

S&P said it downgraded its ratings for Athletico Holdings LLC and its senior secured debt to CCC+ from B-. The recovery rating remains 4 (40%).

“Athletico underperformed our expectations. During 2023, Athletico continued focusing on clinician hiring and retention. The modest improvement is evident in visit growth (up 18% during nine months of 2023) and higher S&P Global Ratings-adjusted EBITDA margin of 15.6% for the nine months ended Sept. 2023 (about a 450 basis point increase from the prior period in 2022),” the agency said in a press release.

However, S&P said the pace and level of improvement are not fast enough for a B- rating.

The outlook remains stable.

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