Good global position in a narrow niche market, and Sizeable installed base with good margins Limited scope of operations, Concentration in the nuclear end market, and High financial leverage The preliminary ratings on radiation monitoring equipment manufacturer Mirion Technologies Inc. reflect the company's "highly leveraged" financial risk profile and "weak" business risk profile, as Standard&Poor's Ratings Services' criteria define these terms. We view the company's financial policies as aggressive, and it generates limited free cash flow. Although we assess Mirion's business risk profile as "weak," the company has a good position in a niche industry and good recurring revenue. We expect the company's revenue to increase modestly in 2012 because of predictable replacement cycles of the installed base
