Moody's rates Concentra loans B1

Moody's Investors Service said it affirmed the ratings of Concentra Operating Corp. in conjunction with Concentra's proposed acquisitions of Beech Street Corp. and Occupational Health and Rehabilitation Inc.

At the same time, Moody's assigned a rating of B1 to Concentra's proposed $150 million revolving credit facility due 2010 and a $525 million term loan B due 2011.

The outlook remains stable, although flexibility within the current rating category has been reduced, the agency said.

The affirmation of Concentra's ratings also reflects Moody's belief that Concentra's improved operating results and free cash flow generation will continue, and will help to support the incremental debt associated with the proposed acquisitions.

Ratings affirmed include Concentra Operating's B1 corporate family rating, the B1 rating on its existing $100 million senior secured revolver due 2008, the B1 rating on its $335 million senior secured term loan due 2009, the B3 rating on the $180 million senior subordinated notes due 2010 and the B3 rating on the $150 million senior subordinated notes due 2012.

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