S&P lowers CareCore to stable

Standard & Poor’s said it revised the outlook on CareCore National LLC, doing business as eviCore, to stable from positive.

The agency also said it affirmed the company’s B long-term corporate credit rating.

S&P also said it affirmed the B debt ratings on CareCore’s senior secured credit facilities, which include a $110 million revolver and term loan B. The recovery rating on these debt issues is 3, indicating 50% to 70% expected default recovery.

The ratings reflect CareCore’s weak business risk profile and aggressive financial risk profile, which translates to an anchor score of B+, S&P said.

The ratings also consider the company’s overall limited business scope, significant client concentrations and unresolved potential regulatory liability, the agency said.

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