Hanger Orthopedic Group, Inc. Receives Upgrade From Moody’s Investors Service
BETHESDA, Md., July 31 /PRNewswire-FirstCall/ — Hanger Orthopedic Group, Inc. (NYSE: HGR) is pleased to announce that Moody’s Investors Service raised its rating on Hanger Orthopedic Group, Inc. to “B1″ from “B2.” Moody’s also raised the issue level rating on Hanger’s senior secured debt to “Ba2″ from “Ba3″ and senior unsecured debt to “B3″ from “Caa1.” Moody’s has also given Hanger a “Stable” outlook.
“We are extremely pleased with the Moody’s upgrade especially given the recent economic environment,” remarked George McHenry, Hanger’s Chief Financial Officer. Mr. McHenry added, “The upgrade reflects, among other things, our consistent growth over the last three years, solid cash flow and sound capital structure.”
Hanger Orthopedic Group, Inc., headquartered in Bethesda, Maryland, is the world’s premier provider of orthotic and prosthetic patient care services. Hanger is the market leader in the United States, owning and operating 671 patient care centers in 45 states and the District of Columbia, with over 3,700 employees, including 1,090 practitioners (as of June 30, 2009). Hanger is organized into four units. The two key operating units are patient care which consists of nationwide orthotic and prosthetic practice centers and distribution which consists of distribution centers managing the supply chain of orthotic and prosthetic componentry to Hanger and third party patient care centers. The third is Linkia which is the first and leading provider network management company for the orthotics and prosthetics industry. The fourth unit, Innovative Neurotronics, introduces emerging neuromuscular technologies developed through independent research in a collaborative effort with industry suppliers worldwide. For more information on Innovative Neurotronics, Inc. or the WalkAide, visit http://www.ininc.us. For more information on Hanger, visit http://www.hanger.com.
SOURCE Hanger Orthopedic Group, Inc.