U.S.-based global sampling provider Bioplan USA Inc. reported stronger-than-expected operating performance, including EBITDA growth of about 13% year over year as of Sept. 30, 2016. We now expect free operating cash flow of about $15 million over the next 12 months. We are revising our rating outlook on Bioplan to stable from negative. We are also affirming our ratings on the company, including the 'B-' corporate credit rating. The recovery ratings remain unchanged. The stable rating outlook reflects our expectation that Bioplan will continue to generate free operating cash flows of about $15 million over the next 12 months while maintaining adequate liquidity, including covenant compliance of at least 15%. The outlook also reflects our expectation for continued improvement in
