AMN Healthcare, Inc. — Moody’s affirms AMN’s Ba2 CFR, outlook changed to stable from negative

Rating Action: Moody’s affirms AMN’s Ba2 CFR, outlook changed to stable from negativeGlobal Credit Research – 08 Mar 2021New York, March 08, 2021 — Moody’s Investors Service (“Moody’s”) affirmed AMN Healthcare, Inc.’s (AMN) Ba2 Corporate Family Rating (CFR), Ba2-PD Probability of Default Rating and Ba3 ratings on the company’s senior unsecured notes. At the same time, Moody’s changed the outlook to stable from negative. The company’s Speculative Grade Liquidity Rating of SGL-1 is unchanged.The outlook change to stable from negative reflects the company’s resilience during the coronavirus pandemic and increasing contribution from the more profitable technology and workforce solutions business.The affirmation of Ba2 CFR reflects Moody’s expectations that the company’s business volumes will recover fully this year after experiencing declines in 2020 due to coronavirus pandemic. The rating affirmation also reflects Moody’s view that the company’s debt/EBITDA will remain below 3.5x in 2021 despite resuming acquisition activity and share buybacks. The company’s SGL-1 reflects a very good liquidity profile over the next 12-18 months with sustained positive free cash flow and access to a largely undrawn $400 million revolving credit facility.Ratings affirmed:AMN Healthcare, Inc.Corporate Family Rating at Ba2Probability of Default Rating at Ba2-PD$350 million senior unsecured notes due 2029, Ba3 (LGD4 from LGD5)$500 million senior unsecured notes due 2027 at Ba3 (LGD4 from…