Moody's eyes Signify Health for upgrade

Moody's Investors Service said it placed the ratings of Signify Health, LLC on review for upgrade following the announcement that the company agreed to be acquired by investment-grade CVS Health Corp. The ratings affected by the review for upgrade include the B1 corporate family rating, B1-PD probability of default rating and the B1 senior secured rating.

The deal is subject to approval by a majority of Signify's stockholders. New Mountain Capital funds own about 60% of the company and have agreed to vote for the agreement. The transaction is expected to close in the first half of 2023.

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