S&P gives B to Project Ruby, loans

S&P said it assigned its B corporate credit rating to Project Ruby Parent Corp.

The outlook is stable.

At the same time, the agency assigned its B issue-level rating and 3 recovery rating to the company's $330 million first-lien credit facility, comprising a $30 million revolving credit facility due 2021 (undrawn at close) and a $300 million first-lien term loan due 2023. The 3 recovery indicates an expectation of meaningful (50%-70%; lower half of range) recovery for the first-lien debt holders in the event of default.

Project Ruby Parent Corp. is the parent entity of Mediware Information Systems, Inc., which provides health care enterprise resource planning (ERP) software solutions to health care providers.

"The rating reflects our view of such factors as Mediware's focus on providing ERP software to niche health care markets, which are very fragmented with no clear established leader, and its small scale," S&P credit analyst Geoffrey Wilson said in a news release.

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