Moody's gives Catamaran loans Ba2

Moody's Investors Service said it assigned a Ba2 rating to Catamaran Corp.'s (formerly SXC Health Solutions Corp.) newly amended and extended senior secured term loan A and senior secured revolver.

At the same time, Moody's affirmed the Ba2 corporate family rating and Ba3-PD probability of default rating and raised the speculative grade liquidity rating to SGL-1 from SGL-2.

The outlook is stable.

With this newly amended credit facility, Catamaran will extend the maturity on its bank debt and will increase its revolver commitment to $800 million from $700 million. Also, term loan amortization requirements will be materially reduced.

"Catamaran will continue to deleverage, providing cushion for additional acquisitions as it winds down the integration of Catalyst," Moody's senior credit officer Diana Lee said in a news release.

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