S&P rates SFBC revolver B+

Standard & Poor's said it assigned its B+ senior secured rating to SFBC International Inc.'s proposed $90 million revolving credit facility maturing in 2009. The recovery rating is 3.

Existing ratings on the company, including the B+ corporate credit rating and B- senior unsecured debt rating, were affirmed. The outlook is positive.

S&P said the speculative-grade ratings reflect SFBC's short record of success, strategy of aggressive growth through acquisitions, and position as a relatively small participant in the global market for outsourced clinical trial services. These risks outweigh a moderate debt burden and prospects for improving free cash flow over the next few years.

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