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S&P rates Air Medical loan B, notes CCC+
Standard & Poor’s said it affirmed the B corporate credit rating on Air Medical Holdings LLC.
The outlook is stable.
The agency also said it assigned a B rating to Air Medical Group Holdings Inc.’s $920 million senior secured term loan B and CCC+ rating to the $460 million senior unsecured notes.
Air Medical Holdings LLC will be renamed Air Medical Group Holdings, S&P said.
The recovery rating on the term loan B is 4, indicating 30% to 50% expected default recovery.
The recovery rating on the unsecured notes is 6, indicating 0 to 10% expected default recovery.
The ratings reflect the company’s highly leveraged financial risk profile based on leverage that is expected to remain greater than 5x over the next year and modest expectations of free cash flow, S&P said.
Air Medical’s narrow business focus on emergency air transportation, exposure to reimbursement risk and limited size and diversity support, the agency said.
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