S&P: Orthofix, Colgate Medical on positive watch

Standard & Poor's said it placed its ratings for Orthofix International NV (BB- corporate credit) and holding company Colgate Medical Ltd. on CreditWatch with positive implications, including its BB- secured bank loan.

The agency said the action recognizes the progress that this provider of minimally invasive medical devices for the orthopedic rehabilitation and trauma markets has made in consistently repaying debt during the past two years, resulting in an improved credit profile.

S&P said it expects these efforts to be augmented with a recent settlement awarded to Orthofix of about $35 million, which should be largely used for further debt reduction.

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