S&P: AMN view positive, ups senior debt to BB-

S&P said it affirmed its ratings on AMN Healthcare Services Inc., including the BB- corporate credit rating, and revised the outlook to positive from stable.

At the same time, S&P raised the rating on AMN Healthcare Inc.'s senior unsecured debt to BB- from B+ and revised the recovery rating to 4 from 5. The 4 recovery rating indicates an expectation for average (30%-50%; rounded: estimate: 30%) recovery in the event of default.

“Our outlook revision follows substantial EBITDA growth and a trajectory of improving free cash flow generation as well as the company's evolution from a traditional health care staffing company to a full service workforce solutions provider, gradually diversifying its revenues away from the highly cyclical nursing and allied solutions segment (62% of 2016 revenues) and deepening its relationship with customers through its managed service programs,” S&P said in a news release.

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