S&P rates AMN Healthcare loan BBB-

S&P said it assigned a BBB- rating and 1 recovery rating to AMN Healthcare Inc.'s new $150 million senior secured first-lien term loan.

The 1 recovery rating indicates 90% to 100% expected default recovery.

The agency said it expects the company to use the proceeds from this term loan, along with a $51 million draw from its revolver, to fund the acquisition of Advanced Medical Personnel Services Inc.

All of the other ratings on AMN Healthcare are unchanged, including its BBB- issue-level rating and 1 recovery rating on its first-lien debt and BB- rating and 5 recovery rating on its second-lien debt.

The ratings continue to reflect the company's narrow business focus in the fragmented, competitive and relatively low profit health care staffing market, S&P said.

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