Moody’s upgrades syncreon

Moody's Investors Service said it upgraded syncreon Group BV's corporate family rating to Caa2 from Caa3 and its probability of default rating to Caa1-PD from Caa2-PD.

At the same time, syncreon's senior secured term loan rating was affirmed at Caa2, and the Ca rating on its senior unsecured notes was also affirmed.

The outlook is stable.

The agency said the upgrade acknowledges syncreon's successful execution of a financing transaction which extends its nearest dated debt maturity to July 2020 and eliminates financial maintenance covenants so long as syncreon is in compliance with certain negative covenants including debt, liens and restricted payments.

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