...- U.S.-based ADMI Corp.'s (d/b/a The Aspen Group) earnings have been pressured by lower visit volumes and reimbursement rate adjustments in its urgent care segment (WellNow), and higher operating expenses. Additionally, in April 2023, the company experienced a cyber incident, which we anticipate will contribute to lower earnings and cash flow this year. - Therefore, we expect the company's S&P Global Ratings-adjusted leverage will remain above our 8x downgrade threshold into 2024. - Based on these conditions, we lowered all ratings by one notch, including the issuer credit rating, to 'B-' from 'B'. - The stable outlook reflects our expectation that although weaker results in its urgent care segment and fallout from the cyber incident will contribute to lower earnings this year, mid-single-digit percentage revenue growth in 2024 driven by competitive pricing actions and growing volumes from its de novo investment strategy, combined with expanding margins, will likely enable solid earnings...
