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S&P assigns Orthofix Holdings loan BB-
Standard & Poor's said it assigned its secured loan and recovery ratings to Orthofix Holdings Inc.'s proposed $45 million revolving credit facility maturing in 2012 and $330 million term loan B maturing in 2013.
The loan was rated BB-, at the same level as the corporate credit rating on parent company Orthofix International NV, with a recovery rating of 2, the agency said.
The outlook is stable.
S&P noted that the BB- rating is based on Orthofix's operation in highly competitive markets, potential integration difficulties, significant debt leverage and the recent shortfall of operating cash flow in 2006, adding that these factors are partially offset by the company's diverse revenue stream, solid niche positions and history of aggressively reducing debt leverage.
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