Zelis Healthcare Corp. is refinancing its capital structure in conjunction with its announced combination with leading payments optimization company, RedCard. We are assigning our 'B' issuer credit rating to Zelis Holdings, LLC (Zelis) and rating its planned debt. The stable outlook reflects our view that Zelis will generate continued positive revenue and EBITDA growth. On Sept. 12, 2019, S&P Global Ratings assigned its 'B' long-term issuer credit rating to Zelis Holdings, LLC (Zelis). The outlook is stable. At the same time, we assigned our 'B' debt rating to Zelis' planned $150 million, five-year, first-lien revolver and $1.5 billion, seven-year, first-lien term loan B. The recovery ratings on the first-lien credit facilities are '3', reflecting our expectation for meaningful (50%) recovery
