Moody's assigns Ba3 to Fortrea notes

Moody's Investors Service said it assigned a Ba3 rating to the planned $570 million of secured notes to be issued by Fortrea Holdings Inc.

There are no changes to Fortrea other ratings including the Ba3 corporate family rating, Ba3-PD probability of default rating, Ba3 senior secured rating and SGL-2 speculative grade liquidity rating, Moody’s said.

The proceeds will be used together with borrowings under the new credit facilities to fund a $1.6 billion cash distribution to Laboratory Corp. of America Holdings (LabCorp) and to pay related fees in conjunction with the proposed spinoff from Labcorp.

The outlook remains stable.

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