Research Update: Rural/Metro Corp. Proposed Senior Unsecured Note Assigned 'CCC+' Rating; Corporate Credit Rating Affirmed Jan 12

Standard & Poors, January 2012

Abstract
In connection with two acquisitions to expand its operations, U.S. medical transportation provider Rural/Metro Corp. is issuing an incremental $95 million unsecured note due 2019. We are assigning a 'CCC+' issue-level rating and a '6' recovery rating to the company's proposed incremental senior unsecured note. We are affirming our 'B' corporate credit rating on the company and raising the senior secured issue-level rating to 'B+' from 'B'. Our stable outlook reflects our expectation that Rural/Metro will remain "highly leveraged" (as our criteria define the term) in the near term. On Jan. 30, 2012, Standard & Poor's Ratings Services assigned its 'CCC+' issue-level rating and '6' recovery rating to Scottsdale, Ariz.-based Rural/Metro's proposed $95 million senior unsecured note due 2019. We...

Companies mentioned in this report are: Rural/Metro Corp.,Rural/Metro Operating Company LLC
Action: Affirmed

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.

Rural/Metro Corp.,Rural/Metro Operating Company LLC

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