S&P lifts Quintiles, loans, notes

Standard & Poor's said it assigned its BBB- corporate credit rating to Quintiles Transnational Holdings Inc. and raised its corporate credit rating on Quintiles Transnational Corp. to BBB- from BB+.

The agency subsequently withdrew its BBB- corporate credit rating on Quintiles Transnational. Quintiles Transnational Holdings is the parent entity of Quintiles Transnational.

At the same time, S&P raised its issue-level rating on Quintiles Transnational's $500 million revolving credit facility, $850 million term senior secured term loan A and $600 million senior secured term loan B to BBB- from BB+.

Concurrently, the agency raised its issue-level rating on Quintiles Transnational's $800 million senior unsecured notes due May 15, 2023 to BB+ from BB.

Finally, S&P withdrew its issue-level rating on Quintiles Receivables LLC's $25 million revolving credit facility and $275 million senior secured term loan at the issuer's request.

"Our stable outlook on Quintiles reflects our expectation that the company will maintain leverage in the mid-2x area over time," S&P credit analyst Arthur Wong said in a news release.

"This incorporates our belief that the company will continue to grow through moderate sized (less than $200 million) acquisitions, as well as our expectation that leverage may temporarily increase or decrease from this level because of the timing and magnitude of acquisitions."

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