Analysts at Standard & Poor's have affirmed their rating on Acadia Healthcare but placed a negative watch on the behavioral health care provider's unsecured notes. The move comes ahead of another debt issuance that will help fund Acadia's planned acquisition of two companies for $258 million. (The company also is bringing to market a bunch of new shares.) But S&P's analysts like what CEO Joey Jacobs and his team are up to and offer up a blueprint for what would make them raise their rating from its current B- level.

An upgrade could be possible if we expect the company can generate FOCF of $25 million or more in 2013, maintain or improve margins, and operate with leverage below 5x, and we believe these metrics will be maintained.