Moody’s reviews ExamWorks

Moody's Investors Service said it placed the ratings of ExamWorks Group, Inc. under review for downgrade, including its B2 corporate family rating, B2-PD probability of default rating and the B3 rating on its senior unsecured notes.

In addition, the agency affirmed the company's speculative grade liquidity rating of SGL-1.

The review was initiated by the April 27 announcement that Leonard Green & Partners entered into a definitive agreement to acquire ExamWorks' for $35.05 per share in cash, representing a purchase price of about $2.2 billion.

Although financing details have not been provided, Moody's expects that financial leverage will increase as a result of the acquisition of the company by Leonard Green & Partners. The review will focus primarily on the financial leverage and the capital structure that will result from the sale, as well as ongoing operating trends at ExamWorks.

Moody's will also evaluate current and projected operating performance, as well as the proposed ownership and governance structure.

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