Provides a narrow range of services. Extremely fragmented and highly competitive market with low barriers to entry. No exposure to government payment risk. Fairly aggressive business strategy dependent on the continuous attraction of new patients. Adjusted leverage of 8.3x as of Dec. 31, 2015, and projected to be about 6.0x at the end of 2016. Funds from operations (FFO) to debt of 5.6% as of Dec. 31, 2015, projected to be 10.4% at the end of 2016. Financial sponsor ownership. The stable rating outlook on ADMI Corp. reflects S&P Global Ratings' expectation of steady revenue growth, stable margins, and the use of cash flows to support increased de novo office openings. The company will likely remain highly leveraged, with leverage
