Research Update: Quincy Health LLC Upgraded To 'CCC' From 'CCC-' On Extended Debt Maturities; Outlook Negative; Raises Debt Ratings - S&P Global Ratings’ Credit Research

Research Update: Quincy Health LLC Upgraded To 'CCC' From 'CCC-' On Extended Debt Maturities; Outlook Negative; Raises Debt Ratings

Research Update: Quincy Health LLC Upgraded To 'CCC' From 'CCC-' On Extended Debt Maturities; Outlook Negative; Raises Debt Ratings - S&P Global Ratings’ Credit Research
Research Update: Quincy Health LLC Upgraded To 'CCC' From 'CCC-' On Extended Debt Maturities; Outlook Negative; Raises Debt Ratings
Published Apr 21, 2025
7 pages (2608 words) — Published Apr 21, 2025
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

In addition to Quincy Health LLC extending its debt maturities to January 2028, its full-year 2024 performance was in line with our expectations and it met its asset-based lending (ABL) facility covenant requirement. We raised our ratings on Quincy, including the issuer credit rating, to ?CCC? from ?CCC-. The outlook is negative. However, given continued tight liquidity and slim covenant headroom under its ABL facility, we believe there remains substantial risk of a payment default or amendments that we may view as distressed. We also raised our issue-level rating on the company's term loan to 'CCC' from 'CCC-'. Our recovery rating remains '4' (from our last estimate) and reflects our expectation of average (30%-50%; rounded estimate: 35%) recovery in the

  
Brief Excerpt:

...In addition to Quincy Health LLC extending its debt maturities to January 2028, its full-year 2024 performance was in line with our expectations and it met its asset-based lending (ABL) facility covenant requirement....

  
Report Type:

Research Update

Ticker
1828427D
Issuer
Quincy Health LLC
Sector
Global Issuers
Country
United States
Region
United States
Format:
PDF Adobe Acrobat
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S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: Quincy Health LLC Upgraded To 'CCC' From 'CCC-' On Extended Debt Maturities; Outlook Negative; Raises Debt Ratings" Apr 21, 2025. Alacra Store. May 22, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Quincy-Health-LLC-Upgraded-To-CCC-From-CCC-On-Extended-Debt-Maturities-Outlook-Negative-Raises-Debt-Ratings-3356315>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: Quincy Health LLC Upgraded To 'CCC' From 'CCC-' On Extended Debt Maturities; Outlook Negative; Raises Debt Ratings Apr 21, 2025. New York, NY: Alacra Store. Retrieved May 22, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Quincy-Health-LLC-Upgraded-To-CCC-From-CCC-On-Extended-Debt-Maturities-Outlook-Negative-Raises-Debt-Ratings-3356315>
  
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