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Moody's rates Air Medical notes B2
Moody's Investors Service said it assigned Air Medical Group Holdings B2 corporate family and probability-of-default ratings and a B2 rating (LGD4, 55%) to its proposed $545 million senior secured notes due 2018.
The outlook is stable.
Proceeds will be used to purchase Air Medical by Bain Capital Partners, LLC.
Moody's said the B2 rating reflects Air Medical's high leverage at close to 6 times at the close of the transaction.
In addition, the rating is also constrained by the company's still relatively small size and the relatively large bad debt expense, the agency noted.
Offsetting factors are the company's historically strong EBITDA margins and its position as the largest independent provider of community-based air ambulance services in the United States, the agency said.
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