Ireland-based contract research organization ICON PLC has refinanced its bridge facility with $350 million U.S. private placement notes. We assess ICON's business risk profile as fair and its financial risk profile as minimal. We are assigning our 'BBB-' long-term corporate credit rating to ICON PLC. The stable outlook reflects our expectation of low- to mid-single-digit revenue and EBITDA growth over the next 24 months, combined with stable leverage. On Jan. 5, 2016, Standard&Poor's Ratings Services assigned its 'BBB-' corporate credit rating to Ireland-based contract research organization (CRO) ICON PLC. The outlook is stable. Our rating on ICON primarily reflects the group's long-term, strong strategic relationship with leading pharmaceutical and biotech companies; its sizable order backlog; strong service standards;
