S&P turns Syneos outlook to negative

S&P said it changed its outlook for Syneos Health Inc. to negative from stable and affirmed its ratings, including its BB- senior unsecured rating.

Syneos’ third-quarter bookings underperformed the forecast and S&P said it now estimates a mid-single-digit revenue decline in 2023.

The agency warned a downgrade is possible unless Syneos improves bookings soon if leverage climbs above 4x and stays there.

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