Moody's rates Emdeon loans Ba3

Moody's Investors Service said it assigned Ba3 (LGD3, 30%) ratings to Emdeon Inc.'s proposed repricing of its $1.29 billion senior secured term loan and $125 million revolving credit facility. The B2 corporate family rating and the B2-PD probability of default rating are unaffected. The outlook is stable.

The agency said the B2 corporate family rating continues to reflect Emdeon's high debt leverage, health-care utilization, competitive industry, pricing and margin pressure.

The rating continues to be supported by Emdeon's high recurring revenue base, market position, high product switching cost and cross-selling opportunities, Moody's said.

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