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Moody’s upgrades MedImpact
Moody's Investors Service said it upgraded MedImpact Holdings, Inc.'s corporate family rating to B2 from B3, probability of default rating to B2-PD from B3-PD and senior secured notes to Caa1 from Caa2.
The speculative grade liquidity rating was raised to SGL-2 from SGL-3.
The outlook is stable.
Moody’s said the upgrade reflects its belief that with recent improvements in EBITDA, the company will be able to sustain leverage below 4 times.
"MedImpact's leverage and cash flow metrics have improved following its acquisition of discount drug card businesses in 2013," Moody's vice president and senior credit officer Diana Lee said in a news release.
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