TEXT-S&P rates Emergency Medical Services Corp notes

Overview -- Physician outsourcing and medical transportation provider Emergency Medical Service Corp. (EMSC) plans to issue five-year $450 million pay-in-kind (PIK) toggle notes at its holding company (CDRT Holding Corp.), to fund a dividend. -- EMSC's 5% revenue growth over the latest 12 months and relatively stable EBITDA margins are within our expectations. -- We are affirming our 'B+' corporate credit rating on the company. We are also assigning the company's proposed not