Moody’s cuts Acadia rating

Analysts at Moody’s Investors Service have downgraded the debt of Acadia Healthcare, citing the behavioral health care provider’s high debt load and stagnant earnings as well as rising risks associated with refinancing some of its obligations.

In a note to investors, the Moody’s analysts — who also changed their outlook for Acadia to ‘stable’ from ‘negative’ — said they expect the Franklin-based company will have a debt-to-EBITDA ratio of at least 5.5 through the end of 2021. The company, they said, will be less badly hurt by the spread of COVID-19 than some other health care ventures but added the pandemic will still hamstring growth.