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On December 7, 2020, S&P Global Ratings lowered its issuer credit rating on Eresearch Technology Inc. to B- from B and its first-lien senior secured credit facilities, which comprise a revolver and a term loan, ratings to B- from B. The downgrade reflects the Company’s underperformance relative to previous base-case scenario and its high leverage, which exceeded the ratings agency’s downside trigger. S&P Global expects minimal free cash flow generation and elevated leverage for the next 12 months. The rating also reflects risk to the Company's leadership positions in its niche markets.
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