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Moody’s could drop Air Medical
Moody's Investors Service said it placed the ratings of Air Medical Holdings, LLC under review for downgrade, including the B3 corporate family rating, B3-PD probability of default rating and debt instrument ratings at both Air Medical Holdings, LLC and Air Medical Group Holdings, Inc.
The review was prompted by the March 11 announcement that funds managed by KKR signed a definitive agreement to acquire Air Medical from affiliates of Bain Capital and Brockway Moran & Partners.
Although financing details were not provided, Moody's said it expects that financial leverage will increase as a result of the acquisition of the company by KKR. The review will focus primarily on the financial leverage and the capital structure that will result from the sale to KKR, as well as ongoing operating trends at Air Medical.
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