We expect the demand for elective surgical procedures to decline severely amid the coronavirus pandemic, which will significantly reduce Surgery Partners Inc.'s revenue and EBITDA. Therefore, we expect the company's discretionary cash flow deficit to widen in 2020 and further weaken its liquidity. We are placing all of our ratings on Surgery Partners, including our 'B-' issuer credit rating, on CreditWatch with negative implications. The CreditWatch reflects that we could lower our ratings on the company and its debt if we believe the reduced demand and adverse effects on its financial performance stemming from the coronavirus pandemic will continue for longer than we currently anticipate, further weakening its liquidity. The CreditWatch placement reflects our view that the coronavirus pandemic will
