Moody's gives HealthPort CFR B2, loans B1, Caa1

Moody's Investors Service said it assigned a B2 corporate family rating to CT Technologies Intermediate Holdings, Inc. (doing business as HealthPort).

Concurrently, Moody's assigned a B1 rating to a new first-lien credit facility and a Caa1 rating to a second-lien term loan.

The outlook is stable.

Proceeds from the new term loans will be used to repay the existing credit facility and junior preferred equity, make a distribution to shareholders and pay related fees.

Moody's said the B2 corporate family rating reflects HealthPort's relatively small revenue size of $300 million and high pro forma financial leverage (debt / EBITDA) of about 6x (using Moody's standard adjustments).

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