New York, June 15, 2012 -- Moody's Investors Service assigned a B1 rating to Sheridan Holdings, Inc.'s ("Sheridan") proposed $670 million senior secured first lien credit facilities, consisting of a $100 million revolver expiring 2017 and a $570 million first lien term loan due 2018. In addition, Moody assigned a Caa1 rating to the proposed $140 million second lien term loan due 2019. Sheridan's B2 Corporate Family and Probability of Default Ratings remain unchanged. The outlook is stable. Ratings for existing credit facilities will be withdrawn when the new facilities close.

Moody's understands that the proceeds from the new credit facilities will be used to refinance the existing debt and cover fees and expenses associated with the refinancing.

Following is a summary of Moody's ratings actions for Sheridan Holdings, Inc.:

Ratings assigned:

$100 million first lien revolver expiring 2017 at B1 (LGD 3, 40%)

$570 million first lien term loan due 2018 at B1 (LGD 3, 40%)

$140 million second lien term loan due 2019 at Caa1 (LGD 6, 91%)

Ratings unchanged:

Corporate Family Rating at B2

Probability of Default Rating at B2

Ratings to be withdrawn upon completion of the refinancing:

First lien revolving credit facility at B1 (LGD 3, 40%)

First lien term loan at B1 (LGD 3, 40%)

Second lien PIK term loan at Caa1 (LGD 6, 91%)

RATINGS RATIONALE

Sheridan's B2 Corporate Family Rating reflects the company's moderately high financial leverage -- with debt used to fund acquisitions and its LBO. The rating is also constrained by the considerable concentration of business in the Florida market and the company's modest size compared to similarly rated competitors. The rating benefits from Sheridan's solid cash flow and Moody's expectation for improved credit metrics over the next year.

The stable rating outlook reflects Moody's expectation that the company will continue to invest in growing its presence in its existing markets while focusing on maintaining and expanding margins. This will likely result in the continuation of moderately high leverage. The outlook also incorporates Moody's expectation that the company will maintain a disciplined approach to acquisitions.

Given the high leverage, Moody's does not anticipate an upgrade in the near-term. However, Moody's could upgrade the rating if the company continues to grow its revenue size and diversify its revenue sources, while repaying debt. More specifically, there could be upward ratings pressure if total debt to EBITDA falls to the low 4 times range and adjusted free cash flow to adjusted debt rises above 8%, each on a sustainable basis.

The ratings could be downgraded if the company makes a debt-funded acquisition which materially increases leverage, for example if adjusted cash flow from operations to adjusted debt is likely to be sustained at levels below 5%.

Headquartered in Sunrise, Florida, Sheridan Healthcare, Inc. (a wholly owned subsidiary of Sheridan Holdings, Inc.) (collectively "Sheridan") is a leading provider of physician services to hospitals and ambulatory surgical facilities. The company provides outsourced physician staffing services for anesthesia, neonatology, radiology, pediatrics and emergency departments. Sheridan also provides a full complement of professional and administrative support services including physician billing. Sheridan is owned by private equity sponsor Hellman & Friedman LLC. The company generated net revenue (before provisions for bad debt) of $835 million for the twelve months ended March 31, 2012.

The principal methodologies used in rating Sheridan Holdings, Inc. were Global Business & Consumer Service Industry published in October 2010, and Loss Given Default for Speculative-Grade Non-Financial Companies in the U.S., Canada and EMEA published in June 2009.

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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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