Moody’s lifts Unilabs facilities, notes

Moody's Investors Service said it assigned a B2 corporate family rating and a B2-PD probability of default rating to Unilabs Subholding AB.

The agency concurrently withdrew the B3 corporate family rating and the B3-PD probability of default rating of Unilabs Midholding, effectively moving the corporate family rating one corporate level below Unilabs Midholding to Unilabs Subholding, the top entity of the senior notes restricted group.

Moody's also upgraded to B1 from B2 the ratings on the €940 million senior secured term loan due 2024 (to be increased to €1.08 billion at closing of the recently announced financing) and the €175 million senior secured revolving credit facility due 2023 (to be increased to €200 million) borrowed by Unilabs Diagnostics, and to Caa1 from Caa2 the rating of the €250 million senior unsecured notes due 2025 (to be increased to €380 million) issued by Unilabs Subholding.

The outlook on all ratings was changed to stable from positive.

"We upgraded Unilabs' CFR to B2 to reflect the company's increased scale and geographical diversification, and continuously improving operational performance. The recently announced acquisition of Base will make Unilabs the leading diagnostics provider in Portugal in terms of imagining and clinical diagnostics with good synergies expected because of the companies' overlap of activities in Portugal," Andrey Bekasov, Moody’s assistant vice president and lead analyst for Unilabs, said in a news release.

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