S&P rates Omnicare loan BBB-

Standard & Poor's said it assigned its BBB- senior unsecured debt rating and 1 recovery rating to Omnicare Inc.'s amended-and-extended credit facility.

The facility consists of a $300 million revolver and a $425 million term loan A, both maturing in 2017. The 1 recovery rating indicates an expectation for very high recovery in the event of a default.

S&P said it also affirmed its existing ratings on the company, including the BB corporate credit rating. The outlook is stable.

"The amendment will lower interest rates on borrowed debt under the facility by an estimated 50 basis points, push out maturities by one year and reduce the term loan A balance by only about $8 million; while positive, these changes are not significant enough to alter our view on the company's ratings or outlook," said S&P credit analyst Jesse Juliano in a news release.

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