Following is a summary of Moody's rating actions and LGD revised estimates:

Alliance Healthcare Services, Inc.

Ratings upgraded:

Speculative Grade Liquidity Ratings at SGL-2 from SGL-3

Rating affirmed:

Corporate Family Rating at B1;

Probability of Default Rating at B1;

Senior secured term loan B at Ba3 (LGD 3, 30%) from (LGD 3, 32%);

Revolving credit facility at Ba3 (LGD 3, 30%) from (LGD 3, 32%);

Senior notes at B3 (LGD 5, 85%);

Outlook negative

RATINGS RATIONALE

Alliance's B1 Corporate Family Rating reflects the company's high financial leverage, weak interest coverage and challenging top line performance. High unemployment and weak client volumes have adversely impacted both revenues and operating margins. For the first nine months of 2012, Alliance continues to be impacted by lower volumes and pricing pressures, primarily for their PET/CT business. Over the next few quarters, Moody's expects continued top-line softness due to the aforementioned macroeconomic factors as well as the company's continuing actions to rationalize non-profitable business.

The ratings benefit from Alliance's unique business model of partnering with hospitals, which shields the company from the direct effect of changes in third party reimbursement. This model also allows the company to expand based on demand for services rather than bearing the risk of non-hospital, physician-based de novo development.

The negative outlook reflects the challenges over the next few quarters as Alliance continues to experience a weak pricing environment due to industry overcapacity and lower volumes associated with declining physician visits.

Moody's does not believe that an upgrade is likely in the near-term. However, the outlook could be changed to stable if the company can demonstrate solid revenue and volume growth, while also simultaneously deleveraging. Should Alliance generate positive organic revenue growth, deleverage below 4 times and sustain adjusted free cash flow to debt above 8%, the ratings could be upgraded.

The ratings could be downgraded if continued pressure on the imaging business cannot be offset through expansion and cost containment initiatives. We would consider a downgrade if the company takes on a debt-financed acquisitions, if liquidity deteriorates, or if debt to EBITDA rises above 5 times.

The principal methodology used in rating Alliance was the Global Business & Consumer Service Industry Methodology, published in October 2010. Other methodologies used include Loss Given Default for Speculative Grade Issuers in the US, Canada, and EMEA, published June 2009. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

Alliance HealthCare is a national provider of outpatient diagnostic imaging and radiation oncology services. The company maintained 499 diagnostic imaging and radiation oncology systems, including 271 MRI systems and 120 PET and PET/CT systems at September 30, 2012. The company operates 130 fixed-site imaging centers, which constitutes systems installed in hospitals or other medical buildings on or near hospital campuses. The company also operates 30 radiation oncology centers and stereotactic radio surgery facilities. Revenue for the twelve months ended September 30, 2012, was approximately $478 million.

REGULATORY DISCLOSURES

The Global Scale Credit Ratings on this press release that are issued by one of Moody's affiliates outside the EU are endorsed by Moody's Investors Service Ltd., One Canada Square, Canary Wharf, London E 14 5FA, UK, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Moody's adopts all necessary measures so that the information it uses in assigning a rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history. The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

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Ron Neysmith Vice President - Senior Analyst Corporate Finance Group Moody'sInvestors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653Peter H. Abdill, CFA MD - Corporate Finance Corporate Finance Group JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653 Releasing Office: Moody's Investors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653(C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

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