Moody’s upgrades Catalent

Moody’s Investors Service said it upgraded the ratings of Catalent Pharma Solutions, Inc., including the corporate family rating to Ba3 from B1 and probability of default rating to Ba3-PD from B1-PD. Moody’s also upgraded the rating on the senior secured credit facilities to Ba1 from Ba2 and the rating on the senior unsecured notes to B1 from B3. There is no change to the speculative grade liquidity rating at SGL-1, signifying very good liquidity.

“The upgrade of the CFR reflects Catalent’s improved business profile mainly driven by greater scale and better diversification. This follows a multi-year acquisition strategy that has resulted in a strong market position in the growing biologics business. The upgrade is also supported by an improvement in profitability and a reduction in leverage driven by earnings growth, with adjusted debt/EBITDA of 4.3x for the 12 months ended Sept.30, 2020 (vs. 5.2x LTM Sept. 30, 2019),” Moody’s said in a press release.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.