HealthChannels Intermediate HoldCo LLC recently repurchased a small portion of its $385 million first-lien term loan ($333.2 million as of September 2023) due April 2025 at a discount after previously repurchasing debt at a discount in the first and second quarters of 2023. We expect the company to repurchase more debt below par. We consider the below-par purchases as tantamount to default, given lenders are receiving less than the original promise and the company's operating trends and trading levels are distressed. Therefore, we lowered our issuer credit rating on HealthChannels to 'SD' (selective default) from 'CCC'. At the same time, we lowered our issue-level rating on the affected debt to 'D' from 'CCC'. We expect the issue-level rating to remain
