S&P gives BB+ to AMN Healthcare revolver, trims notes

S&P said it assigned its BB+ issue-level rating and 1 recovery rating to AMN Healthcare Services Inc.'s (BB-/positive/--) $400 million revolving credit facility issued by subsidiary AMN Healthcare Inc. The 1 recovery rating reflects an expectation for very high (90%-100%; rounded estimate: 95%) recovery in the event of default.

At the same time, S&P lowered the rating on subsidiary AMN Healthcare Inc.'s senior unsecured debt to B+ from BB- and revised the recovery rating to 5 from 4. The 5 recovery rating indicates an expectation for modest (10%-30%; rounded: estimate: 10%) recovery in the event of default.

“The rating change reflects our view that the increase in the amount of higher-priority senior secured debt resulting from the revolver upsizing reduces recovery prospects for senior unsecured lenders,” S&P said in a news release.

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