S&P ups Option Care Health

S&P said it raised its ratings on Option Care Health Inc. to BB- from B+, its senior secured debt to BB from BB- and its unsecured debt to B from B-. The 2 recovery rating on the secured debt and 6 recovery rating on the unsecured debt are unchanged.

“The upgrade reflects our expectation for a sustained improvement in the company's S&P Global Ratings-adjusted leverage to the low-3x area over the next 12 months. Option Care continued to reduce its leverage in line with our expectations, with S&P Global Ratings-adjusted leverage falling to 2.9x as of the 12 months ended June 30, 2023, from 3.4x one year prior,” the agency said in a press release.

S&P noted the company’s healthy revenue growth, steadily widening EBITDA margins and stable debt levels.

The outlook is stable.

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