S&P rates Cerberus Nightingale notes B+

Standard & Poor’s said it assigned a B+ long-term corporate credit rating to Cerberus Nightingale 1 Sarl.

The agency also said it assigned a B- rating to the company’s proposed €145 million of subordinated notes. The recovery rating of 6 indicates 0 to 10% expected default recovery.

The outlook is stable.

The group’s completed acquisition of Novescia supports the group’s fair business risk profile and highly leveraged financial risk profile, S&P said.

The ratings also reflect the company’s track record of successfully integrating newly acquired companies and realizing planned synergies while improving the group’s EBITDA margin, the agency said.

The combined entity also will benefit from increased diversification as Novescia brings access to emergency laboratory testing, S&P said.

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