Emergency Medical Services Corp. Downgraded To 'B+' On Its Planned Acquisition By Clayton, Dublier & Rice Apr 11

  • ID: 1788960
  • April 2011
  • Standard & Poors
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  • Envision Healthcare Corp.
  • MORE

U.S. medical transport and hospital outsourcing provider Emergency Medical Services Corp. (EMSC) is being acquired by Clayton, Dublier & Rice in a highly leveraged transaction for $3.2 billion plus fees and expenses. The transaction is being financed with a $1.44 billion senior secured term loan, $950 million of unsecured debt, and $922 million of common equity. We are lowering our corporate credit rating on EMSC to 'B+' from 'BB' following our review of the proposed transaction and removing the rating from CreditWatch. We are also assigning a 'B+' issue-level rating and '3' recovery rating to the company's proposed $1.44 billion senior secured term loan B. The stable outlook reflects our expectation that EMSC will remain highly leveraged over the next...

Companies mentioned in this report are:
- Envision Healthcare Corp.

Action: Downgraded

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research type: News
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- Envision Healthcare Corp.

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