Moody's drops InSight, rates notes B2

Moody's Investors Service said it assigned a rating of B2 to InSight Health Services Corp.'s proposed offering of $250 million senior secured notes.

Moody's also said it downgraded the existing ratings of InSight Health. The outlook remains negative.

The agency said the rating action reflects the continuing decline in the company's operating performance since it assigned the negative outlook in February 2004.

Specifically, the company has experienced continued pressure on pricing and volumes resulting in declines in same-store performance in both the fixed and mobile segments of the business. The declines have resulted in net losses and weakened financial metrics, Moody's added.

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