S&P: Mirion affirmed

Standard & Poor's said it affirmed Mirion Technologies Inc.'s B corporate credit rating, along with the B rating on the company's senior secured credit facilities, which comprise a $25 million revolver and a $280 million first-lien term loan, which includes a proposed $80 million add-on.

The recovery rating on this debt is 3, indicating 50% to 70% expected default recovery.

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 single-digit revenue growth to continue in the next 12 months because of predictable replacement cycles of Mirion's installed base, coupled with increasing new nuclear power plant construction in Asia and Eastern Europe.

S&P said it expects Mirion to maintain good EBITDA margins of about 20%, reflecting a relatively stable operating environment.

The company's weak business profile reflects its limited product diversity and participation in fragmented and competitive niche markets, the agency said.

Partly offsetting these factors are the company's leading positions as the No. 1 player in many of the markets it serves, good geographic diversity and meaningful recurring revenue, S&P added.

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