S&P: Eagle Holding notes CCC+

S&P said it affirmed the B corporate credit rating on Pharmaceutical Product Development LLC.

The outlook is stable.

The agency also said it assigned a CCC+ rating to holding company Eagle Holding Co. II LLC's new PIK toggle notes due 2022.

The recovery rating is 6, indicating 0 to 10% expected default recovery.

S&P also said it affirmed the B ratings on the senior secured $300 million revolving credit facility due 2020 and $3.235 billion term loan B due 2022.

The recovery rating is 3, indicating 50% to 70% expected default recovery.

The agency also said it affirmed the B- rating on the senior unsecured 6.375% notes due 2023. The recovery rating is 5, indicating 10% to 30% expected default recovery.

Although the agency said it views the company's business more positively because of its track record for steady, profitable growth, the B rating reflects its aggressive financial policy.

S&P said it believes the company's profitable growth is more consistent than its peers.

The company's dependable results stem from its reputation as one of the largest and most experienced global contract research organizations, in addition to its focused strategy on gathering clinical evidence, the agency said.

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