WASHINGTON D.C. (S&P Global Ratings) March 29, 2022--S&P Global Ratings said today that Berkshire Partners' and Warburg Pincus' recent equity investment in Ensemble RCM LLC is an incrementally negative credit factor, but credit metrics will likely remain appropriate for the current rating. Bon Secours Mercy Health (BSMH) will continue to hold a significant minority equity interest in Ensemble, which we believe results in a more conservative financial policy than that of a typical sponsor-owned company. This is because BSMH is also Ensemble's largest customer, accounting for more than 50% of revenue. Golden Gate Capital will also retain a minority ownership stake. Although the details of the transaction have not been disclosed, it could incorporate incremental debt given the high valuations
