S&P rates Envision loan BB-

S&P said it affirmed its BB- corporate credit rating on Envision Healthcare Holdings Inc. and revised the outlook to positive from stable.

In addition, the agency affirmed all issue-level ratings on Envision Healthcare Holdings and its subsidiary, Envision Healthcare Corp.

At the same time, S&P assigned a BB- issue-level rating to Envision's proposed $3.295 billion term loan B. The recovery rating is 3, indicating expectations of meaningful (50%-70%, at the lower end of the range) recovery in a default scenario.

The agency also revised the recovery rating on Envision Healthcare Holdings Inc.'s senior secured debt to 3 from 4. The 3 recovery rating indicates expectations of meaningful (50%-70%, at the lower end of the range) recovery in a default scenario.

"The outlook revision reflects our view that Envision's post-merger credit risk profile has improved based on the benefits of increased scale and scope from the addition of a new, complementary business," S&P credit analyst Matthew O'Neill said in a news release.

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