S&P ups AMN Healthcare

Standard & Poor's said it raised its corporate credit rating on AMN Healthcare Inc. to BB- from B+ based on a significant reduction in leverage.

At the same time, the agency raised the issue-level rating on AMN's $200 million term loan B and $50 million revolver to BB from BB-. The recovery rating on the term loan and revolver remains 2, indicating an expectation for substantial (70% to 90%) recovery of principal in the event of payment default.

S&P said its rating on AMN Healthcare Inc., a subsidiary of AMN Healthcare Services Inc., reflects a "weak" business risk profile, highlighted by its concentration in the highly competitive and cyclical health care staffing industry, which has relatively low profit margins. The "significant" financial risk profile reflects improved credit measures.

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