S&P puts Envigo on positive watch

S&P said it placed all of its ratings on Envigo Holdings Inc., including the CCC+ long-term issuer credit rating, on CreditWatch with positive implications.

The CreditWatch placement follows the announcement that Envigo and LabCorp will exchange businesses; Envigo will receive LabCorp's research models business (and $485 million in cash) and LabCorp will receive Envigo's nonclinical contract research services business.

“We believe it is probable that Envigo will use proceeds to repay most if not all of its debt,” S&P said in a news release.

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