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Summary: Emergency Medical Services Corp. Oct 11
Standard & Poors, October 2011
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.
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.
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Emergency Medical Services Corp.