Moody's assigns ModivCare notes B2

Moody's Investors Service said it assigned a B2 rating ModivCare, Inc.'s planned $400 million of senior unsecured notes due 2029.

The agency concurrently affirmed the company’s B1 corporate family rating and B1-PD probability of default rating. Concurrently, Moody's affirmed the B2 rating on the senior unsecured notes due 2025. There is no change to the speculative grade liquidity rating at SGL-2, signifying good liquidity.

ModivCare will use the proceeds along with balance sheet cash and revolver borrowings to fund $655 million in acquisitions of CareFinders Total Care LLC and VRI Ultimate Holdings, LLC, as well as pay related transaction fees and expenses.

The outlook is stable.

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