Moody’s reviews Diplomat Pharmacy for upgrade

Moody’s Investors Service said it placed the ratings of Diplomat Pharmacy, Inc. under review for upgrade. The ratings placed under review include the Caa1 corporate family rating, the Caa1-PD probability of default rating and the Caa1 senior secured rating. Diplomat’s SGL-4 speculative grade liquidity rating is unchanged. Moody’s changed the outlook to rating under review from developing.

This rating action follows the announcement that OptumRx will acquire Diplomat for $4 per share in a cash tender, plus the assumption of Diplomat’s debt. OptumRx is part of UnitedHealth Group Inc., which has senior unsecured debt rated A3 with a stable outlook, Moody’s said.

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