S&P affirms VWR

Standard & Poor's said it affirmed its B corporate credit rating on VWR International Inc. and removed it from CreditWatch, where it had been placed with negative implications on May 3.

The outlook is stable.

At the same time, S&P said it assigned its B+ bank loan rating to holding company parent Varietal Distribution Merger Sub Inc.'s $250 million senior secured revolving credit facility maturing 2013 and $1.415 billion senior secured term loan due 2014.

S&P said it also assigned a recovery rating for both loans of 2 indicating that lenders can expect substantial recovery in the event of a payment default or bankruptcy, while it also assigned a CCC+ rating to Varietal's $675 million senior unsecured notes due 2015.

According to the agency, the speculative-grade ratings on VWR reflect its heavy debt burden and VWR's well-established position in the stable and attractive laboratory supply market.

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