Moody’s rates AMN CFR Ba2, notes Ba3

Moody's Investors Service said it assigned a Ba2 corporate family rating and a Ba2-PD probability of default rating to AMN Healthcare, Inc.

Additionally, the agency assigned a Ba3 rating to the proposed $300 million in senior unsecured notes and an SGL-2 speculative grade liquidity rating.

The outlook is stable.

Proceeds from the note offering will be used to repay outstanding balances under the company's revolver and term loan A. The transaction will be leverage neutral at close but Moody's expects that the company will use revolver borrowing to complete additional acquisitions.

The agency said it estimates that debt to EBITDA for the twelve months ended June 30 would have been 2.3 times pro forma for the transaction and a full year of earnings from recent acquisitions.

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