S&P gives Graceway B+, loans B+, B-

Standard & Poor's said it assigned its B+ corporate credit rating to Graceway Pharmaceuticals Inc.

The outlook is stable.

At the same time, S&P said it assigned its loan and recovery ratings to Graceway's $530 million senior secured first-lien credit facility, consisting of a $30 million revolver and a $500 million term loan, both maturing in 2011.

The loan rating is B+ with a recovery rating of 3, the agency said, adding that loan and recovery ratings were also assigned to Graceway's $210 million senior secured second-lien term loan, with the loan rating at B- and a recovery rating of 5.

According to the agency, the B+ corporate credit rating reflects Graceway's limited size and heavy reliance on one niche product and debt leverage.

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