Moody's alters Synlab view to positive

Moody's Investors Service said it changed the outlook of Synlab AG and its subsidiary Synlab Bondco plc to positive from stable.

“Today's outlook change to positive reflects the fact that Synlab's continuous good operating performance coupled with a conservative financial policy have resulted in an improvement in credit metrics, that if further sustained over the next quarters, could translate into upward rating pressure. Synlab's current credit metrics are very strong, but are also boosted by an extraordinary Covid-19 testing activity that the rating agency believes is not sustainable––at this level––in the long term,” the agency said in a press release.

Moody's affirmed the Ba3 long-term corporate family rating, the Ba3-PD probability of default rating issued at Synlab AG and the B1 ratings of the €500 million senior unsecured revolving credit facility and the €735 million senior unsecured term loan A both issued by Synlab AG.

Concurrently, the agency affirmed the Ba2 rating of the guaranteed senior secured term loans issued by Synlab Bondco.

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