TORONTO (S&P Global Ratings) Oct. 12, 2021--S&P Global Ratings today said that its 'B' issue-level rating and '3' recovery rating on Pathway Vet Alliance LLC's (B/Stable/--) first-lien debt are unchanged following the company's proposed $250 million incremental first-lien term loan. Pathway will use the proceeds from the incremental loan to fund future acquisitions. All of our ratings on the company are unchanged. Our issuer credit rating on Pathway reflects its narrow operating focus in the highly fragmented veterinary practices market despite the positive long-term tailwinds in the pet industry. Our rating also reflects our expectation that the company will remain acquisitive and sustain higher S&P Global Ratings-adjusted leverage. Despite some weakness in its same-store growth in the third quarter, we
