...October 13, 2023 WASHINGTON D.C. (S&P Global Ratings) Oct. 13, 2023--S&P Global Ratings today assigned a 'B' issue-level rating and '2' recovery rating to Project Ruby Parent Corp.'s subsidiary Project Ruby Ultimate Parent Co.'s $230 million incremental first-lien term loan issued to acquire Corridor Group's software platform specializing in coding and revenue cycle management for nonacute (home health and hospice) health care providers. The acquisition is consistent with the company's strategy of expanding its focus on value-based care in the broad post-acute care segment, and we believe the acquired software is complementary to Wellsky's existing end markets and software offerings. We expect the company to continue investing in its recently acquired Experience Care software, also addressing the long-term care market and believe the company is well-positioned to capitalize on secular tailwinds in the post-acute/nonacute care industry, including the shift of volumes from hospitals to home...
