S&P upgrades Syneos Health

S&P said it raised its issuer credit rating on Syneos Health Inc. to BB from BB-. The outlook is stable.

In addition, S&P raised its issue-level ratings on the company's senior secured credit facility to BB from BB-. The recovery rating remains 3, indicating an expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a default.

At the same time, S&P raised its issue-level ratings on the company’s senior unsecured notes to B+ from B. The recovery rating remains 6, indicating an expectation for negligible (0%-10%; rounded estimate: 5%) recovery in the event of a default.

“The ratings upgrade reflects our higher confidence that Syneos' long-term leverage will stay within the 3x-4x range. We expect adjusted leverage will decline to around 4x by the end of 2019, in light of solid financial results in the first half of 2018,” S&P said in a news release.

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