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Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Envision Healthcare Corporation and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.
Moody's Investors Service ("Moody's") today downgraded the ratings on Envision Healthcare Corporation ("Envision"), including the Corporate Family Rating to B3 from B2 and Probability of Default Rating to B3-PD from B2-PD. The rating agency also downgraded Envision's instrument ratings, including the ABL facility rating to Ba2 from Ba1, the ratings on the senior secured revolving credit facility and term loan to B2 from B1, and the rating on the unsecured notes to Caa2 from Caa1. The downgrade of the CFR to B3 reflects Moody's view that Envision's pro forma adjusted debt to EBITDA will likely remain at or above 7 times for several quarters.
David A. Witkin's Beryl Capital Management is an investment manager focused on merger arbitrage. The firm was created back in 2013, and its offices are located in Redondo Beach, California. Since its inception, it has provided services to individual clients, small businesses and pooled investment vehicles mainly across the United States. David Alexander Witkin is […]