S&P elevates MedImpact first-lien debt

Standard & Poor’s said it raised its rating on MedImpact Holdings Inc.’s first-lien debt, issued by subsidiary MI OpCo Holdings Inc., to BB- from B+ and revised the recovery rating on the debt to 2 from 3.

The rating action follows the company’s announcement of changes to its proposed first-lien term loan.

“As part of the structure change, MedImpact will meaningfully increase its annual amortization on the term loan, which we believe would result in lower total debt outstanding (and thus better recovery prospects) for lenders in a default scenario,” S&P said in a news release.

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