...NEW YORK (S&P Global Ratings) Dec. 18, 2018--S&P Global Ratings today said that Project Ruby Parent Corp.'s acquisition of Consolo Services Group is in line with our expectations for the company. The company will fund the transaction through $50 million of incremental first-lien debt. Our ratings on Project Ruby (B-/Stable/--) are unchanged and we slightly lowered our recovery estimate for the first-lien term loan to 55% from 60% to reflect the increased proportion of first-lien debt in the company's capital structure. We believe Consolo will be a valuable addition to the company's hospice market. Consolo will double the company's revenue from hospice, expand its end market to include palliative care and adult day care, and add the potential for synergy in areas including revenue cycle management, referral management, electronic visit verification, and secure messaging. However, our overall view of the business is little changed, given the still-limited size and narrow focus of the combined...
