Moody’s assigns Ortho-Clinical notes Caa2

Moody’s Investors Service said it assigned a Caa2 rating to Ortho-Clinical Diagnostics SA’s new senior unsecured notes.

There is no change to Ortho’s ratings, including its B3 corporate family rating, B3-PD probability of default rating, B2 rating on the senior secured bank credit facilities and the Caa2 rating on unsecured notes.

Proceeds will be used to refinance the 6 5/8% unsecured notes that mature in 2022 and for general corporate purposes.

“Moody’s views the refinancing of the notes as a credit positive. While the transaction will modestly increase adjusted leverage, it will extend the company’s debt maturity profile while providing additional liquidity,” the agency said in a press release.

The outlook is stable.

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