S&P: CCS Medical on positive watch

Standard & Poor's said it placed its ratings on CCS Medical, including the B- corporate credit rating, on CreditWatch with positive implications.

"The CreditWatch listing reflects the possibility for meaningful near-term debt reduction," explained S&P credit analyst Alain Pelanne.

"CCS has registered common stock with a proposed maximum aggregate offering price of $172.5 million and it also plans to enter into a financing transaction for a $50 million revolving credit facility and a $365 million term loan facility."

S&P noted that the proceeds from the IPO and the financing transaction are expected to be used to refinance and reduce the company's existing debt balances.

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