Fitch rates MedImpact loan BB+

Fitch Ratings said it affirmed MI OpCo Holdings, Inc.'s, the issuing subsidiary of MedImpact Holdings, Inc., long-term issuer default rating at BB-. The outlook is stable.

In addition, Fitch assigned a long-term issuer default rating of BB- to MedImpact Healthcare Systems, Inc. and a BB+/RR1 rating to MI OpCo Holdings' $130 million senior secured term loan A-2.

Fitch withdrew MedImpact Holdings' long-term issuer default rating of BB-.

“MedImpact is a one of the largest pharmacy benefit managers (PBMs) based on claims processed, but is significantly smaller than its three largest competitors, Cigna Corp.'s subsidiary, Express Scripts (BBB-), CVS-Caremark, and UnitedHealth Group's subsidiary, Optum Rx (A),” the agency said in a news release.

“Size (as measured by total revenues and claims processed) is a meaningful metric in a largely consolidated industry where scale is very important.”

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