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.


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