Fitch assigns Gainwell B, loan BB-

Fitch Ratings said it assigned a B long-term issuer default rating with a stable outlook to Gainwell Acquisition Corp. Fitch also assigned a senior secured first-lien term loan rating of BB-/RR2.

“Fitch is evaluating Gainwell pending its agreement to carve out and acquire certain assets of HMS Holdings Corp. that comprise the company’s capabilities focused on the Medicaid market,” the agency said in a press release.

Private equity sponsor Veritas Capital is backing the deal, valued at $2.4 billion to be financed by an incremental $1.8 billion first-lien term loan and an incremental $659 million second-lien term loan.

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