S&P rates Team Health amended loans BB

Standard & Poor’s said the BB corporate credit rating on Team Health Inc. is unchanged by the proposed increase to the revolving credit facility and term loan A.

The company plans to expand its revolving credit facility to $500 million from $250 million.

Additionally, the company is increasing its term loan A to $450 million from an outstanding balance of $251 million as of June 30, S&P said.

The proceeds will be used for general corporate purposes, including for acquisitions, the agency said.

S&P also said it assigned a BB rating and 4 recovery rating to the amended revolver and term loan A.

The agency said it revised the recovery rating on the existing term loan B to 4 from 3, indicating 30% to 50% expected default recovery.

The revision was made because the size of the credit facility was increased. The issue-level rating on the existing term loan B is BB, which is the same as the corporate credit rating, S&P said.

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