Moody's affirms Kendle

Moody's Investors Service said it affirmed the B1 corporate family rating of Kendle International Inc. and withdrew the B1 rating on the senior secured term loan.

Moody's said it also changed the rating on the senior secured revolving credit facility to Ba1 in accordance with Moody's loss given default methodology.

The rating actions follow the company's full repayment of its term loan primarily with the proceeds from the sale of $200 million convertible senior unsecured notes, the agency noted.

The outlook is stable.

Moody's said that the B1 corporate family rating is supported by the company's solid cash flow coverage of debt metrics and overall favorable trends in financial strength and revenue diversity since the August 2006 acquisition of CRL Clinical Services.

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