S&P: Medpace on negative watch

Standard & Poor's said it placed the B+ corporate credit rating on Medpace Inc. on CreditWatch with negative implications.

The CreditWatch placement follows news that Cinven Ltd. plans to acquire Medpace from CCMP Capital Advisors LLC, S&P said.

The current corporate credit rating on Medpace reflects its aggressive financial risk profile and weak business risk profile, the agency said.

While financing details are unknown at this time, the agency said it expects it to be partially funded with debt and that may cause Medpace's pro forma leverage ratio to exceed 5x, S&P said.

The CreditWatch placement will be resolved when the exact details of the acquisition and its impact on Medpace's financial risk profile and financial policy become clear.

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