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S&P assigns Orthofix Holdings loan BB-
Standard & Poor's said in a corrected rating that 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, S&P noted.
The agency said the BB- corporate credit rating on Orthofix International was affirmed and actually removed from CreditWatch, where its was placed with negative implications Aug. 7, due to concerns about the company's post-acquisition debt leverage, S&P said.
The outlook is stable.
S&P said 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.
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