S&P's Charles River Labs ratings unaffected

Standard & Poor's said its ratings and outlook on Charles River Laboratories International Inc. (BB+/positive) are unaffected following the announcement of the divestiture of its phase 2, phase 3 and phase 4 contract research services organization for $215 million in cash.

S&P said the divestiture does not significantly impact existing credit metrics and will allow the company to focus on its core competencies of laboratory animal production and services, in addition to preclinical and early-stage research services.

Proceeds from the divestiture will be used to fund share buybacks, capital expenditures and general corporate purposes.

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