S&P upgrades PRA

Standard & Poor's said it raised the corporate credit rating on PRA International to B+ from B.

The outlook is stable.

The agency also said it revised the recovery rating on the company's last-out term loan to 5, indicating 10% to 30% expected recovery in a default, from 6. The issue-level rating on this debt was raised to B from CCC+, the agency said.

The upgrade reflects expectations of stronger recovery on the first-out and last-out term loans following modest debt repayments in 2011, S&P said.

The recovery ratings on the company's other rated debt remain unchanged and the ratings were raised by one notch in conjunction with the raising of the corporate credit rating.

The outlook is stable.

The upgrade reflects a belief that recent improvements in PRA's financial risk profile will be sustained, if not improve modestly, over the next year, S&P said.

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