Moody's ups Aegis Toxicology

Moody's Investors Service said it upgraded Aegis Toxicology Sciences Corp.'s ratings, including its corporate family rating to B2 from B3 and its probability of default rating to B2-PD from B3-PD. Moody's also raised the senior secured first-lien rating to B2 from B3.

“The upgrade of the CFR reflects a material debt reduction and improvement in Aegis's liquidity following strong operating performance due to demand for Covid-19 testing –– a positive social consideration. Although this revenue tailwind will materially decrease once the pandemic wanes, the debt reduction leaves Aegis in a strong position to absorb risks in its core toxicology business, with debt/EBITDA that Moody's anticipates will be sustained below 5x,” the agency said in a press release.

The outlook is stable.

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