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S&P upgrades MMM, Namm loans
Standard & Poor's said it raised Aveta Inc.'s counterparty credit rating to B from B- and the senior secured debt ratings of MMM Holdings Inc. and Namm Holdings Inc. to B from B- and removed these ratings from CreditWatch positive. The outlook is positive.
The credit facilities consist of a $287.6 million term loan due August 2011 and a $20 million revolver due August 2012.
S&P said the upgrade reflects Aveta's improved financial condition attributed to strengthened health plan profitability and more balance capital structure resulting from the repayment of debt and addition of equity stemming from its recently completed private placement of equity shares.
Aveta is reasonably well positioned to sustain its existing market profile because its core Managed Medicare markets is likely under-penetrated, the agency said, and legislation supporting the Medicare Advantage Program is likely to provide sufficient funding for the program over the intermediate term.
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