New York, October 02, 2013 -- Moody's Investors Service assigned a B2 Corporate Family Rating and a B2-PD Probability of Default Rating to Progressive Solutions LLC and P2 Newco Acquisition, Inc., co-borrowers. At the same time, Moody's assigned a B1 rating to the first lien term loan and a Caa1 rating to the second lien term loan that are being issued in conjunction with the planned merger between Progressive Solutions, Inc. and PMSI Holdings Corporation, two relatively small pharmacy benefit managers that focus on the workers' compensation segment. Management expects the merger to close in the fourth quarter, subject to regulatory clearance. The rating outlook is stable. This is a first time rating for Progressive Solutions.

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