Moody’s changes outlook on European labs

Moody’s Investors Service said it affirmed the ratings of several European laboratories and changed their outlook to negative from stable. This includes the following issuers: Synlab Unsecured Bondco plc, Synlab Bondco plc, Unilabs Subholding AB, Unilabs Diagnostics AB, Constantin Investissement 3 SAS (Cerba), Constantin Investissement 4 SAS and Antin Amedes Bidco GmbH (Amedes).

Concurrently, Moody’s affirmed the ratings of CAB (Biogroup) and the outlook is unchanged.

“The rating action balances the negative impact of operational disruptions triggered by the coronavirus outbreak which is likely to result in rising leverage in 2020 with the likely recovery of the demand over the next quarters and the additional volume potential from coronavirus related testing. While the outlook on all issuers is negative, ratings in the sector could follow diverging patterns over the next quarters depending on individual operating performance, free cash flow (FCF) generation, leverage level and liquidity developments,” Moody’s said.

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