Effingham, Ill.-based dental service organization (DSO) Heartland Dental Care LLC has a $100 million revolving commitment (of which $66 million was drawn at Sept. 31, 2016) maturing in December 2017. At the same time, 2016 operating performance was negatively affected by slow improvement from the MyDentist acquisition, large outlays for de novo offices, and IT systems investments. We believe operating performance will improve over the next few quarters from cost cutting and the maturation of de novo facilities, allowing the company to refinance or extend its 2017 maturity within the next few quarters. However, we see some risk to this forecast. We affirmed the 'B-' corporate credit rating and revised the outlook to negative from stable. The negative outlook reflects
