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S&P rates Syneos loan BB-
S&P said it assigned its BB- issue-level rating and 3 recovery rating to Syneos Health Inc.'s proposed $1.525 billion term loan B.
The 3 recovery rating indicates expectations for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a payment default.
The outlook remains positive.
The rating on subsidiary inVentiv Group Holdings Inc.'s senior unsecured notes remains CCC+. The 6 recovery rating indicates expectations for negligible (0%-10%; rounded estimate: 5%) recovery.
The BB- corporate credit rating on Syneos is unchanged because the transaction is leverage neutral, the agency explained.
S&P said the corporate credit rating reflects the company's high adjusted debt leverage in the low-5x area at the end of 2017 and in the mid- to low-4x area in 2018, in light of the merger with inVentiv in August 2017.
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