Moody's eyes Syneos for downgrade

Moody’s Investors Service said it placed Syneos Health, Inc.'s ratings on review for downgrade. The placement follows an announcement on Wednesday that Syneos will be acquired by an investment group, comprising Elliott Investment Management, Patient Square Capital and Veritas Capital.

The deal is expected to close in the second half of 2023.

The ratings placed on review for downgrade include the Ba2 corporate family rating, the Ba2-PD probability of default rating, the Ba2 senior secured first-lien bank credit facility rating and the B1 senior unsecured note rating. The outlook was revised to ratings under review from negative.

The review for downgrade will study the incremental debt to be borrowed as part of the deal and its effect on financial leverage, the final capital structure composition, Syneos management's financial policy under new ownership and recent operating performance, Moody’s said.

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