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S&P rates Ameritox loan B
Standard & Poor's said that it assigned a preliminary B corporate credit rating to Ameritox Ltd.
The rating outlook is stable.
S&P assigned the company's proposed $425 million term loan due 2018 and $25 million revolving credit agreement due 2016 a preliminary rating of B and a preliminary 4 recovery rating, indicating the expectation for average (30%-50%) recovery in the event of a payment default.
The ratings on Ameritox reflects the company's extremely narrow business focus in an immature niche of the clinical laboratory services industry and its highly leveraged, owner-friendly financial risk profile, the agency said.
Ameritox's rapid growth, evidenced by nearly a doubling of revenues over the past two years, is accompanied by meaningful challenges and vulnerabilities, the agency added.
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