S&P upgrades ExamWorks

Standard & Poor's said it raised the corporate credit rating on ExamWorks to B+ from B.

The agency said it raised the rating on the unsecured debt to B- from CCC+. The recovery rating on this debt remains unchanged at 6, indicating 0 to 10% expected default recovery.

The outlook is stable.

The upgrade reflects the improving level of profitability and free operating cash flow, S&P said.

The upgrade also considers increased confidence in the company's willingness to moderate the pace of acquisitions and the company's ability to grow market share organically, the agency said.

The ratings take into account an expectation that the company will continue to focus primarily on organic market share growth, including growing national accounts, S&P said.

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