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S&P gives Aveta loan B
Standard & Poor's said it affirmed its B counterparty credit ratings on Aveta Inc. and its affiliate companies NAMM Holdings Inc. and MMM Holdings Inc. and removed them from CreditWatch with negative implications, where they were placed on May 12.
The outlook is stable.
At the same time, S&P said it assigned its B senior debt credit rating to a proposed $185 million term loan due August 2011 to be issued by Preferred Health Management Corp.
The agency said that these rating actions follow Aveta's announced definitive agreement to acquire Preferred Medicare Choice Inc. in a deal valued at $250 million.
S&P added that the ratings reflect the financial guarantee provided by MMM Holdings Inc., including its good earnings and cash flow profile and established competitive position in its core market.
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