Moody's: AMN outlook positive

Moody's Investors Service said it revised AMN Healthcare Inc.'s outlook to positive from stable and affirmed its corporate family rating at Ba3, probability of default rating at B1-PD, speculative grade liquidity rating at SGL-2 and $50 million senior secured revolving credit facility due 2017 and $160 million senior secured term loan due 2018 at Ba2 (LGD2, 22% from LGD2, 24%).

The agency said the positive outlook reflects AMN's significant deleveraging during 2012 as a result of both debt repayment and earnings growth and Moody's expectations of continued EBITDA improvement in 2013 as nurse staffing demand recovers further with improved economic conditions.

The Ba3 corporate family rating is primarily constrained by the highly cyclical nature of the company's nurse and allied staffing segment and its modest scale and narrow focus relative to larger, more diversified staffing industry peers, Moody's said.

The corporate family rating continues to benefit from AMN's leading market position in the temporary health-care staffing industry, diversified customer base, favorable long-term industry trends and good liquidity position, the agency said.

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