S&P rates Catalent loan BB-

Standard & Poor's said it assigned a BB- rating to Catalent Pharma Solutions Inc.'s proposed senior secured credit facilities with a 2 recovery rating, indicating 70% to 90% expected default recovery.

S&P also said it affirmed all of its other ratings, including its B+ corporate credit rating.

The outlook is stable.

The ratings reflect the company's highly leveraged financial risk profile, characterized by leverage expected to remain about 7x, the agency said.

The ratings also consider Catelent's satisfactory business risk profile, which considers the company's industry-leading position in the heavily regulated outsourced pharmaceutical manufacturing space, diverse service offering, well-diversified customer base and long-term contractual agreements that support business stability, S&P said.

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