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S&P downgrades Emdeon
Standard & Poor's said it lowered the corporate credit rating on Emdeon Business Services LLC to B+ from BB-.
The ratings also were placed on CreditWatch with negative implications.
The agency said it expects to withdraw the ratings on the company's existing credit facilities, which are not listed on CreditWatch, at the close of the transaction.
The downgrade follows news that the Blackstone Group will acquire a majority interest in Emdeon, S&P said.
The terms have yet to be disclosed, but it is anticipated that the existing debt will be refinanced and the ratings will be withdrawn, the agency said.
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