Moody’s upgrades Ortho-Clinical B1

Moody’s Investors Service said it upgraded Ortho-Clinical Diagnostics SA’s corporate family rating to B3 and the probability default rating to B1-PD from B3-PD.

Moody also upgraded the senior secured credit facilities ratings to Ba3 from B2 and the senior unsecured notes to B3 from Caa2. Moody’s also assigned a speculative grade liquidity rating of SGL-1.

“The B1 corporate family rating reflects the repayment of approximately $1.4 billion in debt with net proceeds from the January 2021 IPO of Ortho Clinical Diagnostics Holdings plc. Moody’s-adjusted Debt/EBITDA declined from approximately 8x as of Dec. 31, 2020 to approximately 5.5x,” the agency said in a press release.

The outlook is stable.

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