S&P gives B to UniFin loan

S&P said it assigned its B long-term issuer credit rating to UniFin SAS, the holding company of Unither Pharmaceuticals, a France-based contract developer and manufacturer of pharmaceutical products.

S&P also assigned a B issue rating to the proposed €305 million bullet term loan B. The recovery rating is 3, indicating expectation of 50%-70% recovery (rounded estimate: 60%) in the event of a payment default.

S&P noted the long-term rating on Unither reflects the group's relatively small size and limited product diversity.

These weaknesses are partly mitigated by the group's leading position in the niche European BFS CMO market and the relatively high barriers to entry created by regulatory and capital investment requirements, which protect Unither's market position, S&P said in a news release.

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