Research Update: InVentiv Health Inc. 'B+' Corporate Credit, Other Ratings On CreditWatch Negative After Announcement May 11

Standard & Poors, May 2011

Abstract
InVentiv Health announced that is was acquiring contract research organization (CRO) PharmaNet Development Group. No financial terms have been disclosed. Standard & Poor's Ratings Services is placing its 'B+' corporate credit and other ratings on inVentiv on CreditWatch, with negative implications. The acquisition follows inVentiv's recent (early 2011) acquisition of CRO i3 from Ingenix for $400 million and consultant Campbell Alliance for $140 million. The acquisition further broadens inVentiv's service offerings and significantly increases the company's presence in the CRO industry, where size and scale increasingly are important. However, leverage is currently running at greater than 5x and the proposed PharmaNet acquisition will likely lead to an increase in leverage. On May 19, 2011, Standard & Poor's Ratings Services placed...

Companies mentioned in this report are:
- inVentiv Health Inc.

Action: On CreditWatch:Negative

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

- inVentiv Health Inc.

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