Research Update: Team Health Inc.'s Proposed $575M Senior Secured Credit Facility Rated 'BB' (Recovery Rating: 2) Jun 11

Standard & Poors, June 2011

Abstract
U.S. hospital-based physician staffing provider Team Health is refinancing its debt. We are assigning our 'BB' issue-level rating and '2' recovery rating to Team Health's proposed $575 million senior secured credit facility. We are also affirming our 'BB-' corporate credit rating on the company with a stable outlook. The stable outlook reflects the company's position as a large player and our expectation of mid-single-digit organic growth. On June 16, 2011, Standard & Poor's Ratings Services affirmed its corporate credit rating on Knoxville, Tenn.-based Team Health Inc. The rating outlook is stable. In addition, we assigned our 'BB' issue-level rating (one notch higher than the corporate credit rating) to the company's proposed $575 million senior secured first-lien credit facility, consisting of...

Companies mentioned in this report are: Team Health Inc.
Action: Affirmed
Action: New Rating

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Team Health Inc.

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