Premier Dental Services, Inc.: Update to credit analysis following downgrade of CFR to Caa2

Moody's Ratings downgrades Premier Dental's CFR to Caa2, outlook revised to negative - Rating Action – 2024/05/02 – US$ 180.00 – ...MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT...

Premier Dental Services, Inc.: Update to credit analysis following downgrade of CFR to Caa1 - Credit Opinion – 2023/12/18 – US$ 250.00 – ...Premier Dental Services, Inc.'s (dba Sonrava Health) credit profile is constrained by its high leverage and weak liquidity. We estimate the company's debt/EBITDA was 6.7x as of September 30, 2023. Sonrava's acquisition of Mid-Atlantic Dental Partners (MADP) in June 2022 has led to higher than expected integration costs and undisclosed liabilities from vendors which have pressured cash flows. Sonrava's credit profile is further constrained by its significant revenue concentration in California. Sonrava also has a high exposure to patients who are either self pay or use Sonrava's installment plans for financing. The credit profile benefits from Sonrava's general dentistry business, as one of the largest DSOs with a nationwide footprint. General dentistry will continue to benefit from favorable demographic tailwinds. Further, Sonrava's sponsor, New Mountain Capital, has provided strong ongoing commitment to the business through new equity infusions, showing support for the company as it completes...

Moody's downgrades Premier Dental's CFR to Caa1, outlook stable - Rating Action – 2023/12/07 – US$ 180.00 – ...MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT...

Premier Dental Services, Inc.: Update to credit analysis - Credit Opinion – 2023/09/01 – US$ 250.00 – ...Premier Dental Services, Inc.'s (dba Sonrava Health) credit profile reflects the company's high geographic concentration in California and aggressive growth strategy. The company's debt/ EBITDA was 6.7x as of the quarter ending June 30, 2023. We expect leverage will decline to 5.7x over the next 12-18 months due to organic growth, revenue from acquisitions, and synergies. A significant portion of Sonrava's clients use financing to pay for dental services, exposing the company to economic cyclicality risks. Sonrava's credit profile is supported by the company's established market position in California, diverse service offerings, and adequate liquidity....

Premier Dental Services, Inc.: Update to credit analysis - Credit Opinion – 2022/08/24 – US$ 250.00 – ...Premier Dental Services, Inc.'s (dba Western Dental) credit profile reflects the company's high geographic concentration in California and aggressive growth strategy. For the last twelve months ended in March 2022, pro forma for the Mid-Atlantic Dental Partners (MADP) acquisition, financial leverage is 6.2x, on a Moody's adjusted basis. We expect leverage will moderate to 5.4 over the next 12-18 months as the company realizes synergies and rolls off its COVID adjusted quarters. While the company has a favorable payor mix, 58% of its clients are self-pay giving rise to the risk associated with bad debt expense. A significant portion of Western Dental's clients use financing to pay for dental services, the risk can rise as a result of rising unemployment levels exposing the company to economic cyclicality. Western Dental's credit profile is supported by the company's established market position in California, diverse service offerings, and adequate liquidity....