S&P rates Harvard Drug loans B+

Standard & Poor's said it assigned a B corporate credit rating to Harvard Drug Group LLC.

The agency issued a B+ issue-level rating to Generic Drug Holdings Inc.'s proposed $160 million senior secured term loan maturing in 2016, $20 million revolving credit facility maturing in 2015 and $22 million delayed draw facility maturing in 2016. The recovery rating on these credit facilities is 2.

The outlook is stable.

Ratings reflect Harvard Drug's highly leveraged financial risk profile as well as the company's relatively small size, niche strategy and the potential for increased acquisition activity, the agency said.

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