S&P: INC loan B+, notes B-

Standard & Poor's said that it assigned a preliminary B corporate credit rating to INC Research LLC and a preliminary B+ senior secured debt rating and a preliminary 2 recovery rating, indicating expectations of substantial recovery (70%-90%), to INC's $425 million senior secured debt facility, which consists of a $75 million senior secured revolver due 2016 and a $350 million senior secured term loan due 2018.

S&P also assigned a preliminary B- senior unsecured rating and a preliminary 5 recovery rating, indicating modest recovery (10%-30%), to INC's proposed $250 million of senior unsecured notes due 2019.

The ratings on INC reflect the company's weak business risk profile, given the uncertain demand in the contract-based business and the need to quickly and effectively integrate the acquired operations of Kendle, the agency said.

The ratings consider INC's highly leveraged financial risk profile, following the close of the proposed acquisition of Kendle and INC's leveraged buyout in 2010, the agency added.

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