Moody's gives MMM, NAMM loan B2

Moody's Investors Service said it assigned a provisional B2 senior debt rating to MMM Holdings, Inc.'s and NAMM Holdings, Inc.'s proposed $420 million senior secured bank credit facility, which consists of a $400 million six year term loan and a $20 million five year revolving credit facility.

The holding companies will remain part of the Straus Group and will become subsidiaries of a new holding company, Aveta Holdings, LLC.

Moody's also said it assigned Ba2 insurance financial strength ratings to the regulated operating subsidiaries, MMM Healthcare, Inc. and PrimeCare Medical Network, Inc.

The outlook is stable.

Moody's said the B2 senior secured credit bank facility rating is based on the consolidated results of MMM and NAMM and reflect the companies' highly leveraged capital structure, including the large amount of goodwill resulting from the transaction, the company's short operating history, limited product offering and geographic area, as well as the uncertainty which surrounds the future financial prospects of the Medicare program.

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