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S&P corrects inVentiv PIK notes to CCC
Standard & Poor's said it corrected its rating on inVentiv Health, Inc.'s $507 million second-lien pay-in-kind toggle notes due 2018 to CCC from CCC+.
The recovery rating is unaffected at 6, indicating expectations for negligible (0%-10%) recovery in the event of payment default.
In accordance with the agency’s notching criteria, the issue-level rating on these notes should be two notches below the company's B- corporate credit rating. In applying the notching methodology, S&P incorrectly rated the notes one notch below the corporate credit rating.
All other ratings on inVentiv, including the B- corporate credit rating, are not affected.
The outlook remains stable.
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