S&P rates INC Research B, loan B+, notes B-

Standard & Poor's said it assigned a B corporate credit rating to INC Research LLC, along with a B+ senior secured debt rating and a 2 recovery rating to its $425 million senior secured debt facility.

The agency said it assigned a B- senior unsecured rating and a 5 recovery rating to the $250 million senior unsecured notes.

The outlook is stable.

The ratings reflect the company's weak business risk profile, given the volatile demand in the contract-based business, S&P said.

The ratings also consider the company's need to successfully compete against larger and better financed contract research organizations, the agency said, and the need to quickly and effectively integrate the operations of Kendle, the agency said.

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