Moody’s rates Midwest Physician facilities B2

Moody’s Investors Service said it assigned Midwest Physician Admin Services, LLC’s planned senior secured first-lien credit facilities a B2 rating.

Moody’s also affirmed Midwest Physician’s B2 corporate family rating and B2-PD probability of default rating.

“The assignment of the B2 rating to the new first-lien credit facilities reflects the fact that all the debt in the capital structure will be pari passu, and is rated B2, the same as the corporate family rating,” the agency said in a press release.

Proceeds will be used to repay term loans in full and fund a $209 million distribution to shareholders. Moody’s said it sees the dividend as a credit negative. The ratings on the first-lien credit facilities and second-lien term loan will be withdrawn upon close.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.