PRA Health Sciences Inc. Corp. Credit Rating Is Raised To #B+# From #B#, Outlook Debt Ratings Raised

Stocks and Financial Services Press Releases Thursday October 1, 2015 09:17
TORONTO--1 Oct--Standard & Poor's
TORONTO (Standard & Poor's) Sept. 30, 2015--Standard & Poor's Ratings Servicesraised its corporate credit rating on Raleigh, N.C.-based PRA Health SciencesInc. to 'B+' from 'B'. The outlook is stable.

At the same time, we raised the rating on the senior secured first-lien creditfacility to 'BB-' from 'B+'. The recovery rating on this debt is '2',indicating our expectation for substantial (70% to 90%; at the low end of therange) recovery in the event of payment default. At the same time, we raisedthe rating on the senior unsecured debt to 'B' from 'B-'. The recovery ratingon this debt is '5', indicating our expectations for modest recovery (10% to30%; at the low end of the range) in the event of default.

"The ratings upgrade is based on PRA's continued solid operating performance,which has given us greater confidence that PRA will be able to maintainleverage below 5x over time," said Standard & Poor's credit analyst ArthurWong.

The stable outlook reflects our belief that PRA is well positioned to benefitfrom the continued positive trends in the in contract research organizationindustry and potentially increase cross-selling opportunities afterintegrating the RPS operations.


Latest Press Release

SET and IPPD join hands to foster research on sustainable development

The Stock Exchange of Thailand (SET) and The Institute of Public Policy and Development (IPPD), under the Thai government think tank, signed a memorandum of understanding (MoU) to jointly conduct insightful and practical researches to benefit the...

Photo Release: Outstanding Women Leaders for Green Growth Award

Recently, at Grand Hyatt Erawan Hotel, Ms. Kattiya Indaravijaya, KBank President, received the "2019 Outstanding Women Leaders for Green Growth Award" for being an exemplary role model in developing businesses which are environmental friendly and an...

Mastercard Strengthens its Leading Position in Real-Time Payments in Asia Pacific with Increased Focus on Thailand

Global payments and technology leader is bringing further innovation to Thailand as part of its push to advance the regional digital payments agenda Today, at the Bangkok Fintech Fair 2019, Mastercard announced a commitment to deliver a growing suite of...

Ultra Sale on Tokinex Completed in 35 Seconds

Tokinex, the Bitfinex and Ethfinex token sale platform, today announces the successful completion of its 5m USD token sale of Ultra (UOS) in just 35 seconds. Ultra is a protocol and platform positioned to disrupt the $140bn gaming industry by using...

Photo Release: Mastercard Presents its Leading Position in Real-Time Payments at the Bangkok Fintech Fair 2019

Recently, at the Bangkok Fintech Fair 2019, Mastercard announced a commitment to deliver a growing suite of real-time and digital payments solutions across Asia Pacific through its regional real-time payments hub, with data centers in Thailand and...

Related Topics