Physiotherapy Associates Holdings, Inc. (NEW) -- Moody's downgrades Physiotherapy's CFR to Caa3, ratings remain under review for downgrade

New York, May 03, 2013 -- Moody's Investors Service downgraded Physiotherapy Associates Holdings, Inc.'s ("Physiotherapy") Corporate Family Rating to Caa3 from B3 and Probability of Default Rating to Caa3-PD from B3-PD. Concurrently, the senior secured ratings are lowered to Caa1 from Ba3 and the senior unsecured notes are lowered to Ca from Caa1. The ratings remain under review for possible downgrade. The Caa1 (LGD 2, 22%) rating and LGD assessment on the senior secured credit facilities represents Moody's current fundamental analysis on the ultimate recovery values.

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