Moody’s ups AMR, EmCare

Moody’s Investors Service said it upgraded the corporate family rating on co-issuers AMR Holdco, Inc. and EmCare Holdco Inc. to Ba3 from B1.

The co-issuers are operated through a holding company, Emergency Medical Services LP, which is in turn owned by Emergency Medical Services Corp., Moody’s said, adding that it concurrently upgraded the rating on the $450 million senior secured credit facility, consisting of a $100 million senior secured revolver due 2011 and a $350 million senior secured term loan due 2012, to Ba1 from Ba2.

Moody’s said it also upgraded the ratings on the $250 million senior subordinated notes due 2015 to B1 from B3.

Following this action, the outlook has been changed to stable from positive, the agency noted, stating that the upgrade in the corporate family rating to Ba3 from B1 primarily reflects the following factors: 1) continued improvement in balance sheet leverage, 2) strong cash flow generation capabilities and 3) a solid and continually improving track record as a standalone operation.

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