Moody’s gives Ba3 to Quintiles notes

Moody's Investors Service said it assigned Ba3 ratings to Quintiles IMS Inc.’s proposed $500 million senior unsecured Euro notes due 2025.

There are no changes to the company’s existing ratings, including the Ba2 corporate family rating.

The company will use the proceeds, along with its recently issued $750 million incremental term loan, to redeem its 4 1/8% notes, pay down its revolver, and for general corporate purposes.

The outlook is negative.

The agency said the Ba2 corporate family rating reflects the company's considerable size, scale and strong market positions as both a pharmaceutical contract research organization and pharmaceutical data and analytics provider.

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