Moody's eyes CareCentrix for upgrade

Moody's Investors said it placed CareCentrix, Inc.’s ratings on review for upgrade following an announcement by investment-grade rated Walgreens Boots Alliance that it agreed to acquire a 55% stake in CareCentrix. Walgreen’s has the option to buy remaining equity interests in the future. The deal is expected to close in February.

The ratings placed under review for upgrade include the B2 corporate family rating, the B2-PD probability of default rating and the B2 rating on its senior secured bank credit facilities. The outlook is revised to under review from negative.

“The review for upgrade reflects Moody's expectation that, should the acquisition by Walgreens close, CareCentrix's outstanding debt will be assumed. It also takes into account that CareCentrix will become part of a larger company, benefitting from greater scale and diversity. The review for upgrade also reflects that regulatory and shareholder approvals are required for the deal to close,” the agency said in a press release.

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