S&P rates Mirion loan B

Standard & Poor's said it assigned a B corporate credit rating to Mirion Technologies Inc., along with a B rating to the company's senior secured credit facilities, including a $25 million revolver and a $200 million first-lien term loan.

The recovery rating is 3, indicating 50% to 70% expected recovery in a default.

The outlook is stable.

The ratings reflect the company's highly leveraged financial risk profile and weak business risk profile, S&P said.

The agency said it expects revenue to increase modestly in 2012 because of predictable replacement cycles of Mirion's installed base coupled with increasing new plant construction in Asia and Eastern Europe.

The company's credit metrics should improve in the next few quarters, primarily reflecting its debt repayment, S&P said.

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