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Moody's lowers MedQuest ratings
Moody's Investors Service said it downgraded the ratings of MedQuest, Inc., the operating subsidiary of MQ Associates, Inc., together referred to as MQ (corporate family rating to Caa1).
The outlook is stable.
Ratings downgraded include MQ Associates' $103 million ($136 million total principle amount at maturity) senior discount notes due 2012 to Ca from Caa3 and corporate family rating to Caa1 from B2; and MedQuest's $80 million senior secured revolver due 2007 to Caa1 from B2, $60 million senior secured term loan due 2009 to Caa1 from B2 and $180 million senior subordinated notes due 2012 to Caa3 from Caa1.
The downgrades primarily reflect Moody's belief that the company will experience material reductions in revenues and cash flows as a result of forthcoming changes in Medicare reimbursements for its diagnostic imaging services.
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