This report does not constitute a rating action. NEW YORK (S&P Global Ratings) April 30, 2025--S&P Global Ratings today said that Ensemble RCM LLC ?s (B/Stable/--) ?B? rating is unaffected by its proposed dividend recapitalization given excess leverage capacity and expected subsequent deleveraging through 2025. Ensemble intends to pay a shareholder dividend and related transaction fees using the proceeds from an $800 million fungible add-on to its first-lien term loan. Pro forma for the transaction, we estimate S&P Global Ratings-adjusted leverage will increase to about 7x but decrease later in 2025. We forecast Ensemble will reduce leverage to 6x-6.2x as recent customer wins mature and efficiency gains from recent investments continue to drive operating leverage. This follows faster-than-expected deleveraging in
