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Moody's Investors Service ("Moody's") today affirmed the B3 Corporate Family Rating (CFR) and B3-PD Probability of Default Rating of Team Health Holdings, Inc. ("Team Health"). Moody's also affirmed the B2 rating on the company's senior secured credit facilities and Caa2 rating on its unsecured notes. Team Health's pro forma adjusted debt to EBITDA was approximately 8.6 times at the end of March 31, 2019.
Announcement: Moody's announces completion of a periodic review of ratings of Team Health Holdings, Inc. New York, March 22, 2019 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Team Health Holdings, Inc. 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.
Moody's Investors Service (Moody's) commented that ScribeAmerica Intermediate Holdco LLC's ("HealthChannels") debt-financed acquisition of PhysAssist Scribes, Inc. from Team Health Holdings, Inc. for $160 million is credit negative, because it will increase the company's financial leverage and elevate integration risk. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.