S&P rates Synlab AG BB-

S&P said it assigned BB- ratings to Synlab AG and its planned term loan, which it will use to refinance debt.

Concurrently, the agency upgraded Synlab Bondco plc and its debt instruments to BB- from B+.

“Following Synlab's successful IPO, we upgraded the group given that its plans to use part of the IPO proceeds for debt reduction support its commitment to achieve and maintain a more conservative financial policy. Synlab has publicly stated that it aims to achieve and maintain a net leverage ratio below 3x,” S&P said in a press release.

The agency said it sees EBITDA of about €500 million-€600 million on average over the next 12-24 months and adjusted debt of €2.3 billion.

The outlook is stable.

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