Moody’s assigns B2 to Synlab notes

Moody's Investors Service said it assigned a B2 rating to the proposed €940 million senior secured notes to be issued by Synlab Bondco plc, a wholly owned subsidiary of Synlab Unsecured Bondco plc.

Moody’s said the assignment reflects the following inter-related drivers: (a) The agency estimates that Synlab's leverage will increase pro forma for the proposed senior secured notes, but will remain within the B2 corporate family rating category; and (b) Moody's expects that Synlab will generate some interest savings on lower interest cost and enhance its scale as a result of upcoming acquisitions

All other ratings remain unchanged, namely: The B2 corporate family rating (CFR); the B2-PD probability of default rating; the B2 rating of the €900 million senior secured fixed-rate notes due 2022 and the B2 rating of the €775 million senior secured floating-rate notes due 2022 (to be repaid at issuance of the proposed €940 million notes), both issued by Synlab Bondco; and the Caa1 rating of the €375 million senior unsecured notes due 2023, issued by Synlab Unsecured Bondco.

The outlook on all ratings is stable.

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