S&P: Script Relief loan B+

Standard & Poor’s said it assigned a B+ rating to Script Relief LLC, along with a B+ rating to its proposed $205 million term loan, reflecting 50% to 70% expected default recovery.

The outlook is stable.

While Script Relief has successfully increased revenues and profitability since it was founded in late 2011 and generates margins viewed as above-average relative to consumer services peers, the company has only a three-year track record as an operating entity, S&P said.

In addition, while Script Relief is the largest player in the very fragmented pharmaceutical discount-card market, the agency said it views its business as very narrowly focused.

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