Moody’s Investors Service rated Envision Healthcare’s proposed $750 million senior secured term loan due 2022 B1. At the same time, Moody’s lowered the rating on the company’s existing $1.28 billion senior secured term loan due 2018 to B1 from Ba3.

Envision’s B1 Corporate Family Rating (CFR), B1-PD Probability of Default Rating and B3 senior notes rating, and SGL-1 Speculative Grade Liquidity Rating were all affirmed. The outlook is stable.

Proceeds from the new term loan are being used to fund the $620 million acquisition of Rural/Metro announced on July 30, 2015, repay $114 million of revolver borrowings and pay transaction fees and expenses.

Rural/Metro is a provider of emergency and non-emergency ambulance transportation, as well as specialty fire protection services with operations in 21 states and nearly 700 communities. Rural/Metro is expected to generate about $600 million in revenues for fiscal 2015.

The lowering of the rating on Envision’s $1.28 billion senior secured term loan reflects the increase in the amount of secured debt in the capital structure.