Moody's: Catalent view negative

Moody's Investors Service said it changed Catalent Pharma Solutions, Inc.'s outlook to negative from stable while affirming its long-term ratings, including the B2 corporate family rating, B2-PD probability of default rating and all existing ratings on various debt instruments.

The speculative grade liquidity rating of SGL-2 was affirmed in the same action.

Moody's said the revision of the outlook reflects its expectation that Catalent's financial leverage will likely remain high (currently around 7.4x debt/EBITDA per Moody's estimate) and the deleveraging pace will be slower than expected principally due to weaker than expected EBITDA growth.

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