On March 16, the American Dental Association (ADA) took the unprecedented step of recommending that dentists delay nonemergency procedures in light of the ongoing COVID-19 pandemic. We expect dental clinics will suffer near-term revenue and profit losses due to the decline in patients' traffic, as we consider the majority of dental procedures to be elective. We affirmed our 'B' issuer credit rating on ADMI and put all of the ratings on the company on CreditWatch with negative implications. We intend to resolve the CreditWatch listing as we gain more clarity on the near-term and longer-term effects of COVID-19 on ADMI's credit metrics and liquidity position. The CreditWatch placement reflects increasing risk to the company's operating performance because of the high
