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Aurora Diagnostics Holdings Downgraded

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On April 12, 2016, Moody’s Investors Service downgraded the corporate family rating of Aurora Diagnostics Holdings, LLC to Caa3 from Caa2, its probability of default rating to Caa3-PD from Caa2-PD and its senior unsecured notes to Ca from Caa3. According to Moody’s, the downgrade reflects Moody’s heightened expectation that Aurora will pursue some transaction within the next 12 months which the rating agency would consider a default. This could include a transaction which Moody’s considers a distressed debt exchange or a bankruptcy filing. Moody’s further states that the Company’s weak operating performance, combined with its debt load, has led to a capital structure which Moody’s views as unsustainable. Moody’s believes that a refinancing of the Company’s capital structure in a manner in which all lenders come out whole is unlikely. Moreover, in the event of a distressed debt exchange or bankruptcy, Moody’s estimates that bond holders will suffer material losses. Read more on distressed companies.

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