Moody's affirms AMN Healthcare

Moody's Investors Service said it affirmed AMN Healthcare Inc.'s Ba2 corporate family rating and the Ba2 rating on its $75 million senior secured revolver and $205 million senior secured term loan, which is being increased by about $40 million to $245 million.

The affirmation follows the announcement that the proceeds of the new add-on term loan, together with a small amount of available cash, will be used to purchase up to 1.8 million shares of the company's stock for up to roughly $40 million.

Moody's said the ratings reflect the company's sound cash flow capabilities and its leading market position in the temporary health-care staffing industry, somewhat offset by the company's moderately high leverage. Pro forma for the transaction, the adjusted total debt to EBITDA ratio is about 4.5x.

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