...- Ambulatory surgical facilities operator Surgery Partners Inc. outperformed our revenue and EBITDA expectations for 2022 and year-to-date 2023. We expect it to generate over $60 million in cash flow after capital expenditures (capex) and distributions to noncontrolling interests in 2023 and 2024. - Therefore, we raised our issuer credit rating on Surgery Partners to 'B' from 'B-'. - At the same time, we also raised our issue-level rating on the company's senior secured first lien debt to 'B'. The '3' recovery rating is unchanged. We also raised our issue-level ratings on the company's second-lien senior secured debt to '###+' from '###'. The '6' recovery rating is unchanged. - Our stable outlook reflects our expectation for revenue growth in the high-single-digit percent area over the next two years, with cash flow after capex and distributions to noncontrolling interests remaining above 3% of debt....
