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S&P rates VWR Funding loans B+
Standard & Poor's said it assigned a B+ rating and 2 recovery rating to VWR Funding Inc.'s proposed senior secured term loans, which will replace its existing term loans.
The company's B corporate credit rating is unchanged.
The rating overwhelmingly reflects the company's very high leverage with debt-to-EBITDAR of 12x as of Sept. 30, including a growing burden of payment-in-kind preferred stock, S&P said.
Excluding the preferred stock, leverage is still a high 6.9x, the agency said.
The ratings also consider the company's global scale and significant market position, long-term customer relationships and market diversity, which contribute to profit-margin stability, S&P said.
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