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S&P rates INC Research BB
S&P said it assigned a BB corporate credit rating on INC Research Holdings Inc.
The outlook is positive.
The agency also said it withdrew the BB corporate credit rating on INC Research LLC.
INC Research Holdings is the parent entity of INC Research LLC, which is viewed as a core subsidiary.
The agency also said it affirmed the BB rating on INC Research's senior secured first-lien credit facility. The recovery rating on this debt is 3, indicating 50% to 70% expected default recovery.
INC Research's strong operating performance over the past several quarters, highlighted by double-digit revenue growth and adjusted EBITDA margins exceeding 24%, have enabled the company to rapidly de-leverage to the 2x to 3x range by the end of 2015, S&P said.
While some slow down in revenue growth is expected, along with a slight moderation of EBITDA margins, the agency said it expects the company's leverage to remain at less than 3x over the next two years.
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