Moody's Investors Service raised Aveanna Healthcare LLC’s corporate family rating from B3 to B2, probability of default from B3‑PD to B2‑PD, senior secured first‑lien bank credit facility rating from B3 to B2, and speculative‑grade liquidity rating from SGL‑2 to SGL‑1, with a stable outlook.
The upgrade is attributed to a material reduction in financial leverage, with Moody’s projecting leverage to remain in the mid‑to‑high 4.0× range over the next 12‑18 months, driven by volume growth, better clinical outcomes, appropriate reimbursement rates and lower operating costs.
Aveanna’s liquidity is deemed “very good,” supported by $189 million cash as of 4 April 2026, expected free cash flow of $100‑150 million over the next 12 months, a $250 million revolving credit facility and a $275 million securitization facility.
The company’s revenue is heavily weighted toward Medicaid‑reimbursed Private Duty Services (≈ 82 % of revenue) and is concentrated in California, Texas and Pennsylvania, exposing it to potential reimbursement cuts.
