TORONTO (S&P Global Ratings) July 12, 2018--S&P Global Ratings today said that its 'B' issue-level rating and '3' recovery rating on NVA Holdings Inc.'s senior secured first-lien term loan are unaffected by the company's proposed $175 million first-lien term loan add-on. The company will use the proceeds from this add-on for acquisitions and to refinance its revolver borrowings. Our 'CCC+' issue-level rating and '6' recovery rating on the company's second-lien debt also remain unchanged. Our corporate credit rating on NVA reflects the company's leading market position but narrow operating focus in the highly fragmented veterinary practices market. The rating also reflects our expectation that NVA will remain acquisitive and that its adjusted leverage will remain high and above 7x. For
