S&P trims INC Research, lowers loan, ups inVentiv

S&P said it lowered its corporate credit rating on INC Research Holdings Inc. to BB- from BB+ and removed the rating from CreditWatch, where it was placed with negative implications on May 10. The outlook is positive.

S&P also lowered the issue-level rating on the senior secured credit facility to BB- from BB+ and removed the rating from CreditWatch negative. The recovery rating is 3, indicating an expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a payment default.

In addition, S&P said it raised its corporate credit rating on inVentiv Group Holdings Inc. to BB- from B and removed the rating from CreditWatch, where S&P placed it with positive implications on May 10. The outlook is positive.

At the same time, S&P raised the rating on inVentiv Group Holdings’ senior unsecured notes to B from CCC+ and removed the rating from CreditWatch with positive implications. The recovery rating is 6, indicating an expectation for negligible (0%-10%; rounded estimate: 5%) recovery in the event of a payment default.

“Our positive outlook reflects our expectation for a slight decline in pro forma organic revenue for 2017 followed by a return to growth in 2018 as industry tailwinds lift the CRO business closer to the industry growth rate of 7% and new drug approvals stimulate demand for the CCO business,” S&P said in a news release.

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