S&P rates Covis Pharma loans B

Standard & Poor's said it assigned a B corporate credit rating to Covis Pharma Holdings Sarl, along with a B rating to its proposed $205 million first-lien term loan and $25 million revolving credit agreement.

A 4 recovery rating also was assigned, indicating 30% to 50% expected default recovery.

The outlook is stable.

The ratings reflect the company's vulnerable business risk profile, highlighted by its short operating history, fragile competitive position and the challenges of sustaining its business model, S&P said.

The ratings also consider its meaningful product and therapeutic diversity, the agency said.

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