Fitch rates Fortrea notes BB+

Fitch Ratings said it assigned BB+(EXP)/RR2 ratings to Fortrea Holdings Inc.'s senior secured notes issuance.

Fortrea plans to use the proceeds along with its senior secured credit facility to fund a cash distribution to Laboratory Corp. of America. (LabCorp).

Fortrea is in the process of a spinoff from LabCorp, and the distribution will provide partial consideration for the assets Fortrea will receive in connection with the spinoff. Proceeds will also be used to pay fees and expenses related to the financing and spinoff transactions.

The outlook is stable.

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