Moody's rates On Assignment loans Ba3

Moody's said it assigned a Ba3 rating to the proposed first-lien credit facilities, including the $20 million revolving credit facility due 2012 and $145 million senior secured term loan due 2013, along with a Ba3 corporate family rating for On Assignment, Inc. Proceeds from the proposed facilities and surplus cash and stock will be used to fund the acquisition of Oxford Global Resources, Inc. and to pay related fees and expenses.

The rating reflects strong margins, good interest coverage metrics and moderate leverage pro forma for the Oxford and Vista Staffing Solutions, Inc. acquisitions while recognizing the recent improvement in financial results following several years of poor operating performance, Moody's said it said it said it said it said.

Other factors that lend support to the rating include the company's diverse customer base, low working capital and capital expenditure requirements, the agency said.

Factors that weight negatively on the company's ratings include the competitive, fragmented nature of the industry and the company's small size relative to its competitors, Moody's said it said it said it said it added.

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