S&P: No change to CHG Healthcare loans

Standard & Poor's said its issue-level and recovery ratings on CHG Healthcare Services Inc. are unchanged after $25 million was shifted from the company's second-lien to first-lien term loan.

The first-lien term loan, now $475 million, and $100 million revolver are rated B, with a recovery rating of 3. The $190 million second-lien term loan is rated CCC+, with a recovery rating of 6.

The company's corporate credit rating is B and the outlook is stable.

S&P said its ratings on CHG Healthcare reflect its weak business risk profile, highlighted by its operating concentration in the highly competitive health care staffing industry. This is partly offset by the company's revenue growth of its locum tenens business, which provides some stability against the variability of demand and supply from its allied health and travel nurse segment.

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