S&P rates Unilabs notes B, CCC+

Standard & Poor's said it assigned a B long-term corporate credit rating to Unilabs Holding AB, along with a B rating to the €355 million senior secured notes and €130 million senior secured floating-rate notes issued by Unilabs SubHolding AB.

The recovery rating on these notes is 4, indicating 30% to 50% expected default recovery.

S&P also said it assigned a rating of CCC+ to the €200 million payment-in-kind toggle notes issued by Unilabs MidHolding AB. The recovery rating on the toggle notes is 6, indicating 0% to 10% expected default recovery.

The outlook is stable.

The ratings reflect the company's relatively aggressive capital structure on account of its ownership by private equity groups Apax Partners, Apax France and Nordic Capital, S&P said.

The ratings also consider its highly leveraged financial risk profile and fair business risk profile, the agency said.

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