Red Ventures Holdco L.P. has combined its Healthline and HealthGrades businesses into a joint venture with UnitedHealth Group Optum to form Red Ventures Optum Health. Red Ventures used a portion of the proceeds from the transaction to repay $1.3 billion of debt. We expect pro forma leverage will decline to 2.5x-3x over the next 12 months, from 5.8x at the end of 2021. We raised our rating on Red Ventures to 'BB-' from 'B+'. At the same time, we raised our rating on the first-lien secured debt to 'BB-' from 'B+'. The stable outlook reflects our base case that Red Ventures will maintain leverage of 2.5x-3x over the next 12 months given recent debt reduction. We expect leverage will remain
