East Syracuse, N.Y.-based ADMI Corp. (parent company of Aspen Dental Management Inc.), a provider of dental support services to Aspen Dental-branded dental practices, is being recapitalized by a new private equity investor. Debt is being refinanced, with adjusted debt leverage largely remaining unchanged. We are assigning a 'B' corporate credit rating to ADMI Corp., with a stable outlook. At the same time, we are assigning a 'B' senior secured debt rating and a '3' recovery rating to the company's new $415 million senior secured facility. We are also assigning a 'CCC' senior unsecured debt rating to $150 million senior unsecured notes, with a recovery ratings of '6'. The stable outlook is based on our expectation of steady revenue growth, stable
