S&P ups Kendle outlook to positive

Standard & Poor's said it revised its outlook on Kendle International Inc. to positive from stable.

The agency said it also revised its issue rating on the company's amended $53.5 million revolver to BB with a recovery rating of 1, indicating the expectation of very high recovery of principal in the event of default.

At the same time, the agency said it affirmed all existing ratings, including its B+ corporate credit rating, on Kendle.

S&P noted that the outlook revision reflects the company's progress integrating the operations of Charles River Laboratories International phase II-IV clinical research operations, which was acquired for about $236 million in August 2006.

The agency said that its ratings on Kendle continue to reflect the company's aggressive leverage and the challenges of managing a rapidly growing business, noting that these risks partly are offset by Kendle's strong position in a fairly fragmented market and its global presence.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.