S&P gives Inverness notes B-

Standard & Poor's said it assigned its B- subordinated debt rating to Inverness Medical Innovation Inc.'s (B+/positive) announced $200 million senior subordinated debt offering due 2016.

At the same time, the agency said it assigned a recovery rating of 6.

Proceeds will be used for general corporate purposes, the agency said, adding that the ratings on Inverness Medical reflect the company's appetite for growth through acquisitions, the uncertain prospects of its aggressive move into the health management business, and high leverage.

These concerns are partially offset by the company's expanding offerings of professional rapid diagnostic product sand management's willingness to use significant equity capital financing, the agency said.

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