...August 11, 2020 TORONTO (S&P Global Ratings) Aug. 11, 2020--S&P Global Ratings today assigned its '###+' issue-level rating and '3' recovery rating to Heartland Dental LLC's $200 million incremental term loan, which will be pari passu with its existing senior secured debt. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a payment default. The company plans to use the proceeds from the loan to add cash to its balance sheet, which it will earmark for new affiliations and de novos. Our existing ratings on Heartland Dental LLC remain unchanged following because we expect the ongoing recovery in its patient volumes to lead to an improvement in its revenue and profitability, which will somewhat offset the effects of the debt increase. We also continue to expect Heartland's liquidity to be adequate at least until the end of 2020. At the same time, our ratings reflect our expectation the company's adjusted leverage will...
