Although Zelis is experiencing a reduction in claims volume as a result of the COVID-19 pandemic and virus containment measures, second- and third-quarter results were better than expected. We are revising our outlook on Zelis to stable from negative. We are also affirming our 'B' issuer credit rating on the company and our 'B' debt rating on its first-lien credit facility. The stable outlook reflects the lack of contraction in both revenue and EBITDA that we previously anticipated and our expectation for stronger profitability and lower leverage in 2021. On Jan. 11, 2021, S&P Global Ratings revised its outlook on Zelis Holdings L.P. to stable from negative. At the same time, we affirmed our 'B' long-term issuer credit rating on
