...December 2, 2019 - Biogroup's parent CAB plans to issue a 240 million add-on to the existing 1.025 billion term loan B (TLB) to finance its latest acquisitions. - Based on the company's track record, we assume a seamless integration, but we forecast S&P Global Ratings-adjusted leverage will remain in the 8x-8.5x range over the next 12 months. - Biogroup's laboratory operations are centered in France with a focus on routine tests, limiting organic growth but producing above-industry-average margins. - We are assigning our 'B-' long-term issuer credit and issue ratings to CAB and the TLB. - The stable outlook reflects our expectation that Biogroup will maintain its current profitability and EBITDA trajectory, enabling it to gradually decrease leverage and comfortably service debt. PARIS (S&P Global Ratings) Dec. 2, 2019--S&P Global Ratings today assigned the ratings as listed above. Biogroup has rapidly expanded over the past two years but primarily on the back of debt-funded mergers and...
