S&P shifts AMN view to positive

S&P said it revised its outlook for AMN Healthcare Services Inc. to positive from stable and affirmed the BB issuer rating. The agency also affirmed the BBB- issue-level and 1 recovery ratings on the company's senior secured debt and the BB- issue-level and 5 recovery ratings on its unsecured debt remain unchanged.

“Very strong business demand in 2021 resulted in leverage declining to 1.5x from 3.5x, significantly below our earlier estimate. We believe the business will remain stronger than pre-pandemic, and coupled with AMN's technological ability to fulfill the increased demand, this will drive margin higher than our earlier estimates. AMN has publicly committed to maintain a leverage target of 2x-2.5x, and we believe it will pursue acquisitions or share buybacks,” the agency said in a press release.

However, S&P said it believes the company will keep leverage under 2.5x.

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