Apria Wins Improved Rating From S
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Standard & Poor’s on Friday placed its ratings for Apria Healthcare Group Inc. on a credit watch with positive implications, in consideration of the company’s improved operating performance.
An upgrade would reflect Standard & Poor’s increased confidence that the Costa Mesa provider of home health care will extend its recovery, under newer management, from complications associated with its earlier overexpansion.
S&P; said Apria’s favorable operating performance over the past two years has benefited from a significant reduction in bad debts and accounts receivable and a more stable reimbursement for Medicare billings.
The New York rating firm said it will monitor Apria’s operating performance and its success in further reducing its bank borrowing through early 2001.
Apria’s stock gained 5%, or $1.25, Thursday to close at $25.38 a share on the New York Stock Exchange.
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