S&P upgrades INC Research to BB

Standard & Poor's said it raised its corporate credit rating on INC Research LLC to BB from BB-.

The outlook is positive.

At the same time, the agency raised its rating on the senior secured first-lien credit facility to BB from BB-. The recovery score remains 3, indicating an expectation for significant (50% to 70%; at the low end of the range) recovery in the event of payment default.

"INC Research's strong operating performance over the past several quarters, highlighted by double-digit revenue growth and adjusted EBITDA margins that are exceeding 24%, have enabled the company to more rapidly deleverage to the 2x to 3x range by the end of 2015, ahead of our expectations," S&P credit analyst Arthur Wong said in a news release.

"While we project some slowdown in revenue growth and a slight moderation of EBITDA margins, we expect the company's long term leverage to remain under 3x."

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