TEXT-S&P: rating on ExamWorks not affected by announcement
Aug 31 - Standard & Poor's Ratings Services said today that the rating on Atlanta-based ExamWorks Group Inc. (B/Stable/--), an arranger of independent medical examinations (IMEs) is currently unaffected by the company's plans to acquire Australia-based MedHealth Holdings Pty Ltd. for AUD$93 million. The acquisition will be funded with proceeds from its recently amended revolver, which alternative currency sublimit was increased to $100 million. ExamWorks' "vulnerable" business risk profile already reflects an ambitious growth strategy along with its narrow focus. We expect leverage to remain within the "aggressive" financial risk profile of between 4x-5x. ExamWorks should maintain a reasonable cushion on debt covenants.
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