Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers I > Headlines for Icon plc > News item |
Moody’s turns ICON outlook to positive
Moody’s Investors Service said it revised its outlook for ICON plc to positive from stable and affirmed its Ba1 ratings on the company and its senior secured bank credit facilities issued by ICON Luxembourg Sarl and PRA Health Sciences, Inc.
“The change in outlook to positive primarily reflects Moody's expectation of continued good operating performance and ICON delivering on its commitment to deleverage through debt repayments with most available free cash flow (FCF),” the agency said in a press release.
Moody’s said it expects ICON’s key credit metrics will improve towards an investment-grade level over the next 12-18 months, with a Moody's-adjusted gross leverage dropping below 3x and Moody's-adjusted FCF to debt improving above 20%, and continued excellent liquidity.
The agency said it expects ICON's top-line growth to reach around the mid-single digits in percentage terms over the next two years, and that its Moody's-adjusted EBITDA margin will trend to around 19% over the next 12-18 months.
© 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.