S&P rates Serologicals loan BB-

Standard & Poor's said it assigned a BB- rating to Serologicals Corp.'s proposed $110 million credit facility. A recovery rating of 1 was also assigned to the new loan.

The B+ corporate credit and B- subordinated ratings on Serologicals have been affirmed. The outlook is stable.

Proceeds of the borrowings will help fund Serologicals' $205 million purchase of privately held Upstate Biotech Inc.

S&P said the acquisition of Upstate Biotech broadens Serologicals' existing portfolio of specialty laboratory reagents by adding a substantial range of tools to research cell signaling. Moreover, Upstate has a rapidly growing business that performs assays on a contract basis, a new opportunity for Serologicals.

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