S&P Global Ratings has raised its issuer credit rating on Effingham, Ill.-based Heartland Dental, upgrading the issue-level rating on its senior secured debt to from “B-” to “B,” according to a May 19 report from S&P.
The credit rating agency is predicting Heartland will increase momentum in 2026 and 2027 after the DSO expanded its revenue by 7.3% in 2025, driven by same-office growth, higher patient volumes, improved reimbursement rates and optimized provider capacity.
S&P Global Rating is forecasting revenue to be in the high single digits in each of the next two years due to growth in mature practices, new affiliations and dental industry tailwinds.
The DSO is expected to sustainably fund the majority of growth strategy with internal cash flow, the report said.
Heartland Dental is the largest DSO in the U.S., with more than 1,900 practices across its network.
