Research Update: Emdeon Business Services LLC Ratings Withdrawn Due To Refinancing Jan 12

Standard & Poors, January 2012

Abstract
On Jan. 5, 2012, Standard & Poor's Ratings Services withdrew its 'B+' corporate credit rating on Emdeon Business Services Inc. due to refinancing resulting from the company's sale to Blackstone Capital Partners. We also withdrew the 'BB' issue ratings and '2' recovery ratings on its $855 million first-lien term loan and $50 million revolving credit facility, along with the 'B' issue rating and '6' recovery rating on its $170 million second-lien term loan. We will rate the new debt issued as part of its refinancing under the new issuer, Emdeon Inc. Ratings Withdrawn To From Emdeon Business Services LLC Corporate Credit Rating NR/-- B+/Stable/-- Senior Secured 2nd-lien term loan NR B Recovery Rating NR 6 Senior Secured revolver & term...

Companies mentioned in this report are: Emdeon Business Services LLC
Action: Withdrawn

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.

Emdeon Business Services LLC

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