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Published on 4/21/2015 in the Prospect News Bank Loan Daily.

S&P gives B to eResearch facility

Standard & Poor's said it affirmed its B corporate credit rating on eResearch Technology Inc.

The outlook is stable.

At the same time, the agency assigned a B issue-level rating and 3 recovery rating to eResearch’s $510 million senior secured credit facility that includes a $45 million revolver. The recovery rating of 3 indicates an expectation of meaningful (50% to 70%; at the lower end of the range) recovery in the event of a payment default. S&P will withdraw the existing issue-level rating on eResearch’s current debt once it is repaid with the proceeds from the new facility.

"Our rating on ERT continues to reflect the company's leverage in excess of 5x and its small scale and narrow range of services; however, these weaknesses are partially offset by ERT's leading market positions within each of its three niche business segments," S&P credit analyst Maryna Kandrukhin said in a news release.


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