Spain-Based Health Care Group Grifols Assigned Preliminary 'BB-' Rating; Outlook Positive Jul 10

Standard & Poors, July 2010

Abstract
Spain-based healthcare group Grifols SA is set to raise $4.5 billion in bank facilities (including a $300 million revolving credit facility) to finance its recently proposed acquisition of U.S.-based biopharmaceuticals company Talecris Biotherapeutics Inc. We are assigning a preliminary long-term corporate credit rating of 'BB-' to Grifols. We are also assigning a preliminary issue rating of 'BB' (recovery rating of '2') to the group's proposed senior secured bank facility, and a preliminary issue rating of 'B' (recovery rating of '6') to the group's proposed unsecured bridge facility. The positive outlook reflects our view of Grifols' sound position in a consolidated and growing plasma fractionation market. LONDON (Standard & Poor's) July 20, 2010--Standard Ratings Services said today that it assigned a...

Companies mentioned in this report are:
- Grifols S.A.

Action: New Rating
Action: Outlook: Positive

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

- Grifols S.A.

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