Summary: Emergency Medical Services Corp. Oct 11
Standard & Poors, October 2011
Abstract
The speculative-grade rating on Emergency Medical Services Corp. (EMSC) reflects its ongoing exposure to reimbursement risk in both its ambulance transportation (American Medical Response; AMR) and physician staffing (EmCare) businesses, and high levels of uncompensated care that contribute to relatively thin operating margins. Given these risks, Standard & Poor's Ratings Services characterizes the business risk as fair, despite expectations of modest revenue growth, reflecting new contracts, acquisitions, and, to a smaller extent, same-store growth. Emergency Medical completed its leveraged buyout transaction by Clayton Dublier & Rice earlier this year, increasing adjusted debt leverage to 7.3x (as of June 30, 2011) from less than 2x and depressing funds from operations (FFO) to adjusted debt to about 10% from over 45%. These...
Companies mentioned in this report are: Emergency Medical Services Corp.
Action: Review
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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
Emergency Medical Services Corp.
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