S&P affirms Charles River

S&P said it affirmed its BBB- corporate credit rating on Charles River Laboratories International Inc.

The outlook is stable.

Charles River is acquiring MPI Research for roughly $800 million.

“While the acquisition stretches the company's adjusted pro forma leverage to about 3.6x, which is high for the rating, we project CRL will rapidly deleverage to roughly 3.1x by the end of 2018 and about 2.7x by end of 2019, given its leading competitive position in the growing preclinical services industry, continued expected positive industry trends and solid free cash flows,” the agency said in a news release.

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