Moody’s gives ExamWorks notes B3

Moody's Investors Service said it assigned a B3 rating to ExamWorks Group, Inc.’s new $500 million senior unsecured notes due 2023.

Concurrently, the agency affirmed the B2 corporate family rating and B2-PD probability of default rating.

The speculative grade liquidity rating was upgraded to SGL-1 from SGL-2 and the outlook to was changed to positive from stable.

ExamWorks' B2 corporate family rating reflects its moderate financial leverage and rapid growth strategy, along with modest integration risk and vulnerability to regulatory reviews, Moody’s said. Furthermore, the company's relatively small scale as measured by revenue and use of debt to fund acquisitions, is a rating constraint. ExamWorks' rating is supported by a leading market share within the independent medical examination industry, solid EBITDA margins and no significant customer concentration.

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