HealthChannels Intermediate HoldCo LLC's $385 million term loan ($289.9 million outstanding) comes due on April 3, 2025. As a result, we lowered our issuer credit rating on HealthChannels to 'CCC-' from 'CCC'. The outlook is negative. At the same time, we raised our issue-level rating on the company's $385 million ($289.9 million outstanding) first-lien term loan to 'CCC-' from 'D', as we believe the risk of additional distressed debt repurchases before the company addresses its capital structure is remote. The negative outlook reflects the high likelihood of a default or restructuring over the next six months. The negative outlook reflects the fact that the company's maturity date is now within six months, implying an increased likelihood of a default or
