Moody's rates inVentiv notes B2

Moody's Investors Service said it assigned a B2 to the proposed $550 million senior secured notes offering of inVentiv Health Inc.

In connection with the proposed transaction, Moody's upgraded inVentiv's liquidity rating to SGL-3 from SGL-4, reflecting improved liquidity stemming from the expectation for near-term covenant relief, increased availability under the revolver and the ability to put in place an ABL facility.

These positives are partially offset by increased cash interest expense going forward of about $20 million per year.

All other ratings remain unchanged, including the Caa1 corporate family rating.

The outlook remains negative.

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