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S&P ups recovery on AMN Healthcare loan to 3
Standard & Poor's said it revised the recovery rating on AMN Healthcare Inc.'s $40 million second-lien senior secured term loan due 2016 to 3 from 4.
The 3 recovery rating reflects 50% to 70% expected recovery to debt holders in a default.
The company has a corporate credit rating of B+.
The recovery prospects for second-lien lenders improved because of the aggressive amortization of the first-lien debt, in spite of the company increasing its first-lien revolver to $50 million from $40 million, S&P said.
Another factor considered was the postponement of simulated default year to 2014 from 2013, the agency said.
The ratings reflect its weak business risk profile due to its concentration in the competitive and cyclical health care staffing industry, S&P said.
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