S&P affirms Orthofix

Standard & Poor's said it affirmed its ratings on Orthofix International NV, including the BB- corporate credit rating.

The outlook remains stable.

The agency said that the affirmation follows the company's announcement that it will likely need to obtain a credit agreement waiver or amendment from its lenders as a result of its weaker-than-expected performance and noncash impairment charge.

Despite recent operating shortfalls and the difficult credit markets, S&P said it believes that the company's revenue growth, product portfolio and reasonable leverage will enable Orthofix to obtain an amendment.

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