...December 11, 2025 This report does not constitute a rating action. TORONTO (S&P Global Ratings) Dec. 11, 2025--S&P Global Ratings today said that Surgery Partners Inc.'s (B/Stable/--) leverage will increase modestly but remain in-line with the current ratings following a $425 million add-on to its senior unsecured notes due 2032. Our '###+' issue- level rating and '6' recovery rating on the company's existing unsecured debt are unchanged. The company will use the proceeds of the add-on to repay its outstanding revolver and add cash to the balance sheet for general corporate purposes. We believe the increased interest expense will likely result in free operating cash flow to debt after shareholder distributions remaining under our downgrade threshold of 3% for longer than we'd previously expected. However, it's below that threshold mainly because of the company's growth-related investments. Surgery Partners has a solid track record of revenue and profitability growth, and we continue to...
