...June 2, 2023 ENGLEWOOD (S&P Global Ratings) June 2, 2023--S&P Global Ratings today said its ratings and outlook on U.S.-based veterinary practice management company Pathway Vet Alliance LLC (B-/Negative/--) are currently unaffected by the company's announcement that it failed to provide audited financial statements for fiscal year 2022 by the required May 30, 2023, deadline. Therefore, Pathway is in non-bankruptcy default under its credit facilities and has 30 days to remedy the default (by June 30, 2023). Because the company remains current on all of its other financial obligations, this event does not constitute a default under our criteria. Pathway had approximately $400 million of cash and short-term investments and an undrawn revolving credit facility with lender commitments of $80 million as of Sept. 30, 2022. Therefore, we do not foresee any short-term liquidity pressures. We also expect the company will complete the audit and provide its fiscal-year 2022 financial statements during...
