Our ratings on San Ramon, Calif.-based Mirion Technologies Inc. reflect the company's "highly leveraged" financial risk profile and "weak" business risk profile. We expect modestly positive revenue growth to continue in the next 12 months because of predictable replacement cycles of Mirion's installed base, coupled with increasing new plant construction in Asia and Eastern Europe. We expect Mirion to maintain good EBITDA margins in the high-teen percentage area, reflecting a relatively stable operating environment. Mirion provides radiation detection and monitoring products and services globally to nuclear, defense, medical, and industrial end markets. The company's weak business profile reflects its limited product diversity and participation in fragmented and competitive niche markets, and we don't expect this to change meaningfully in the
