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Investing.com - Moody’s Ratings affirmed Option Care Health, Inc.’s (NYSE:OPCH) Ba3 Corporate Family Rating and revised the outlook to positive from stable on Thursday. The ratings agency also affirmed the company’s Ba3-PD Probability of Default Rating, Ba2 senior secured first lien bank credit facility ratings and B2 senior unsecured notes rating. The speculative grade liquidity rating remained unchanged at SGL-1.
The outlook change to positive reflects expectations for continued revenue growth and strong free cash flow that results in steadily declining financial leverage. Moody’s expects Option Care’s debt-to-EBITDA to improve to approximately 2.4x–2.7x over the next 12–18 months, absent any material debt-funded share buybacks or acquisitions.
Option Care’s Ba3 CFR reflects the company’s market position as the largest independent infusion provider with over $5.6 billion in revenue. The home infusion services industry benefits from favorable long-term growth dynamics as the home is generally considered the patient-preferred and lowest cost of care setting. The rating is constrained by the company’s aggressive share repurchase plans, a challenging reimbursement environment, including uncertainty regarding Medicaid pressures, and competitive pressures from large, vertically integrated health care companies that own home infusion providers.
Moody’s assigned a Speculative Grade Liquidity Rating of SGL-1, reflecting expectations of very good liquidity over the next 12 months. Liquidity is supported by approximately $233 million of cash reported as of December 31, 2025 and $396 million available on the company’s revolving credit facility.
Option Care is the leading independent provider of home and alternate treatment site infusion therapy services through its national network of over 190 locations throughout the U.S. The company provides preparation, delivery, administration and monitoring of medication for conditions including infections, malnutrition, heart failure, bleeding disorders, autoimmune disorders and other rare conditions.
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