S&P gives Kendle International, loan B+

Standard & Poor's said it assigned its B+ corporate credit rating and stable outlook to Kendle International Inc.

At the same time, S&P said it assigned its B+ bank loan rating to the company's proposed $25 million senior secured revolving credit facility due in 2011 and $200 million senior secured term loan due in 2012, with a recovery rating of 3.

S&P added that the ratings on Kendle reflect the company's high leverage and integration risk related to the acquisition of CRL Clinical Services, which provides services from phase 2 trials through postmarketing studies.

These risks are partially offset by the company's growing position in a fairly fragmented market, its global presence and the diverse therapeutic areas served, the agency noted.

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