Ensemble RCM LLC recently announced a proposed IPO transaction. We view the transaction as positive for Ensemble's credit quality given the company's intention to use some of the proceeds from the IPO to repay existing debt. We are placing all of our ratings on Ensemble, including our 'B' issuer credit rating and our 'B' issue-level rating on the company's secured debt, on CreditWatch with positive implications. The CreditWatch placement reflects the potential for an upgrade if the company successfully completes its IPO and uses the proceeds to repay debt. Under this scenario, we would also need to be more certain that the company plans to maintain leverage below 5x. We plan to resolve the CreditWatch placement when the transaction closes,
