Ensemble RCM LLC , a technology-enabled provider of revenue cycle management (RCM) services to health care providers, announced that it has postponed its IPO. We affirmed our 'B' issuer credit rating on Ensemble and our 'B' issue-level rating on its first-lien secured debt and removed the ratings from CreditWatch, where we placed them with positive implications on Oct. 4, 2021. Our '3' recovery rating on the senior secured debt remains unchanged, indicating our expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a default. The stable outlook reflects our expectation the company's S&P Global Ratings-adjusted debt to EBITDA will remain in the 5x-6x range over the longer term, given our belief that it will engage in potential
