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Aurora Diagnostics Holdings LLC Dec 11
Standard & Poors, Dec 2011
Abstract
Favorable growth prospects for U.S. anatomic pathology services; Moderate capital spending and working capital requirements; and Successful market penetration to date. Price pressure from both government and commercial third-party payors; Relatively small scale and narrow operating focus; and Fairly aggressive acquisition strategy. The low speculative-grade ratings on Palm Beach Gardens, Florida-based Aurora Diagnostics Holdings LLC reflect its 'weak' business risk profile (as Standard & Poor's Ratings Services defines the term), characterized by an aggressive growth strategy, narrow operating focus, vulnerability to customer in-sourcing, the potential for reimbursement pressure, and weakened profitability. Adjusted debt to EBITDA of 6.3x as of Sept. 30, 2011, and the call on liquidity from earn-out payments, which we expect, are features of the highly leveraged financial...
Companies mentioned in this report are: Aurora Diagnostics Holdings LLC,Aurora Diagnostics LLC,Aurora Diagnostics Inc.
Action: Affirmed
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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