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S&P lifts ExamWorks second-lien notes
S&P said it affirmed the B corporate credit rating on ExamWorks Group Inc.
The outlook is stable.
The agency also affirmed the B rating on the company's first-lien credit facility, which consists of a $150 million revolver and an upsized first-lien term loan. The recovery rating remains at 3, indicating 50% to 70% expected default recovery.
S&P also said it raised the rating on the company's upsized second-lien notes to B- from CCC+. The 5 recovery rating indicates 10% to 30% expected default recovery.
The ratings reflect an expectation that ExamWorks will grow organically and generate solid free cash flow despite the additional leverage from the WHG and Kindertons acquisitions, S&P explained.
The agency said it believes these two acquisitions increased the company's diversity, scale and value proposition to its clients by adding new capabilities to its service offering.
But the transactions signal the company's appetite to more aggressively pursue adjacent business lines beyond its core IME business, S&P said.
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