Zelis is benefiting from robust revenue growth and steady EBITDA margins, leading to improved cash flow generation and decreasing leverage through 2024. We therefore raised our long-term issuer credit rating on Zelis to 'B+' from 'B'. We also raised the debt rating on its senior secured credit facilities to 'B+' from 'B' and maintained the '3' recovery rating (recovery expectations at 50%). The stable outlook reflects our expectation that Zelis will maintain its robust growth and steady operating performance through 2024. On Jan. 3, 2024, S&P Global Ratings raised its issuer credit rating on Zelis Holdings L.P. and its subsidiary to 'B+' from 'B'. The outlook is stable. We also raised our debt ratings on Zelis' $200 million revolver due
