S&P rates ExamWorks, facilities B

S&P said it gave B ratings to ExamWorks (Electron BidCo Inc.) and its first-lien credit facilities. The recovery rating for the facilities is 3.

“Our ratings on Electron BidCo Inc. (ExamWorks) reflect our expectation that leverage will remain high and above 7x, given financial sponsor ownership, but that the company will generate more than $70 million of free cash flow. It also reflects the company's narrow focus, with a majority of its revenue coming from IME (independent medical examiner) services,” the agency said in a press release.

The outlook is stable.

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