S&P gives ConMed loan BB-

Standard & Poor's said it assigned its ratings to ConMed Corp.'s proposed $250 million secured credit facility, consisting of a $150 million seven-year term loan and a $100 million five-year revolving credit facility.

The bank loan rating is BB-, at the same level as the corporate credit rating, with a recovery rating of 3, the agency said.

At the same time, S&P said it affirmed the existing BB- corporate credit rating on the company. The outlook is stable.

S&P added that the rating on ConMed Corp. reflects its concern that the midsize medical products manufacturer, though well established in a number of surgical markets, faces the ongoing challenge of competing against larger, better-financed companies.

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