S&P rates CryoLife, facilities B

S&P said it assigned a B corporate credit rating to CryoLife Inc.

The outlook is positive.

At the same time, the agency assigned a B issue-level rating to its $30 million revolver and $225 million first-lien credit facility. The 3 recovery rating indicates an expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a default.

“Our rating on CryoLife reflects the company's small scale (approximately $250 million in revenue pro forma for JOTEC acquisition), high product concentration and vulnerability to intensified competition given the presence of significantly larger and financially stronger peers,” S&P said in a news release.

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