...- Demand for elective surgical procedures has recovered substantially from the trough in April to near pre-COVID-19 levels. - Although we expect financial results will be weaker than our expectations in 2020, long-term prospects for the company remain relatively intact, and liquidity risks have eased due to the faster-than-anticipated recovery, CARES Act grant monies, and lengthened repayment period for the Centers for Medicare and Medicaid Services (CMS) advanced payments. - We are affirming our 'B-' issuer credit rating on Surgery Partners and removing all the ratings from CreditWatch, where we placed them with negative implications on March 25, 2020. The outlook is stable. - The stable outlook reflects our view that demand for Surgery Partners' services will steadily improve, but we believe there is continued uncertainty due to the coronavirus pandemic. However, we do not expect widespread stay-at-home orders similar to what occurred in March and April....
