S&P Global downgraded Akumin’s credit rating Friday as the publicly traded radiology provider faces “significant headwinds,” Radiology Business reports.
S&P has downgraded Akumin’s rating from B- to CCC, a “speculative grade” denoting its debts are “currently vulnerable and dependent on favorable business, financial and economic conditions” to meet commitments.
The Plantation, FL, firm has grappled with recent setbacks including labor and supply chain challenges, delays in recognizing synergies from its merger with Alliance Healthcare Services, and “relatively soft” patient volumes. Combined, these factors have led to “weaker-than-expected” margins and limited revenue growth, S&P noted. Read more.
