Moody's rates Ventiv, loan Ba3

Moody's Investors Service said it assigned a Ba3 corporate family rating to Ventiv Health, Inc. and a Ba3 rating to the company's senior secured revolving and term loan facilities.

Moody's said it also assigned a SGL-1 speculative-grade liquidity rating to Ventiv.

The outlook is stable.

The agency said the ratings reflect Ventiv's elevated financial leverage following the acquisition of inChord, the company's moderate size, event risks stemming from the short term nature of client contracts, customer concentration and the significant exposure to the pharmaceutical sector, the competitive market environment and modest integration risks related to the inChord acquisition.

Positive factors, Moody's noted, include the company's leading position in the growing U.S. pharmaceutical contract sales market and several complementary service offerings, its good operating performance and market share gains over the past years, its favorable, variable cost structure, inChord's good strategic fit, strong liquidity and management's extensive industry experience.

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