ScribeAmerica Intermediate Holdco LLC Assigned #B# Rating, Stable Debt Rated

Stocks and Financial Services Press Releases Thursday March 8, 2018 11:44
NEW YORK--8 Mar--S&P Global Ratings

NEW YORK (S&P Global Ratings) March 7, 2018--S&P Global Ratings today assigned its 'B' corporate credit rating to medical scribe services company ScribeAmerica Intermediate Holdco LLC. The outlook is stable.

At the same time, we assigned our 'B' issue-level rating and '3' recovery rating to the company's senior secured credit facility, consisting of a $20 million revolver and $250 million term loan. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 50%) recovery to lenders in the event of payment default.

ScribeAmerica is the largest medical scribe staffing company in the U.S., with approximately 14,000 scribes serving over 2,500 medical facilities in all 50 states. Our rating reflects the risks associated with the company's operations in a highly fragmented market with dozens of regional and local participants and the threat of new entrants as well as health care providers insourcing given the relatively low barriers to entry. Despite its being a scaled player in the scribe service segment, we view the company as a very narrowly focused provider given its exclusive focus on scribe services, notwithstanding the minor add-on services ScribeAmerica offers its clients through its QueueLogix POS coding service and CareThrough patient coordination service companies.

The stable outlook on ScribeAmerica reflects S&P Global Ratings' expectation that the company will continue to grow primarily through organic means and drive margin expansion. We expect it will use these resources to fund future acquisitions while it maintains leverage between 4x-5x over the next two years.

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