S&P rates Dade Behring loan BBB

Standard & Poor's said it assigned a BBB senior secured credit rating and a recovery rating of 1 to Dade Behring Inc.'s new $600 million senior revolving credit facility due in 2010.

Dade Behring Inc. is a subsidiary of Dade Behring Holdings Inc.

The BBB- corporate credit and BB+ subordinated debt ratings of Dade Behring Holdings are affirmed. The outlook is stable.

S&P said this new facility will enable Dade to refinance high-cost debt later this year.

Currently, S&P said the lease-adjusted debt to capital of 44% and total debt to EBITDA of about 1.9x indicate a moderately leveraged financial profile. These measures are expected to improve as Dade Behring continues to increase profits and free cash flow.

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