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S&P rates AMN Healthcare loans BB-, cuts view to negative
Standard & Poor's said it assigned its BB- senior secured bank loan rating to AMN Healthcare Inc.'s proposed $75 million revolving credit facility due in 2010 and $205 million term loan B due in 2011. A recovery rating of 3 was assigned to the secured loan.
Existing ratings on AMN, including the BB- corporate credit rating, were affirmed.
The outlook has been revised to negative from stable, reflecting the increase in debt resulting from the transaction, S&P said.
According to S&P, the ratings reflect the company's operating focus in health care staffing, the generally strong demand for outsourced nursing services from hospital clients concurrent with a variable supply of travel nurses available and the company's increased debt burden.
These concerns are partially mitigated by favorable long-term demand trends for temporary nurses, the company's position as an industry leader and the company's proven ability to reduce its outstanding debt, S&P said.
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