S&P: INC Research to positive

Standard & Poor's said it affirmed its B corporate credit rating on INC Research LLC.

The outlook was revised to positive from stable, reflecting an increased confidence that the company's earnings will support leverage below 5x in 2014.

The agency also affirmed the B+ issue-level ratings on the company's $375 million senior secured debt facility and the B issue-level rating on the company's $300 million senior unsecured notes.

"The ratings on contract research organization INC Research LLC reflects its 'weak' business risk profile which considers INC's relatively narrow focus as a provider of outsourced services to the pharmaceutical industry, volatile demand and cancellation risk in its contract-based business, and INC's need to successfully compete against larger competitors," S&P credit analyst Shannan Murphy said in a news release.

"INC's 'highly leveraged' financial risk profile reflects it existing credit metrics, which are above 5x."

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