Moody’s: Jaguar/PPD unaffected on upsizing

Moody's Investors Service said there is no impact on the B2 corporate family rating or B2-PD probability of default rating of Jaguar Holding Co. II (parent of Pharmaceutical Product Development, LLC, together PPD) following the announcement that the company will upsize its term loan by $200 million.

Proceeds from the incremental term loan will be used to fund an acquisition, which will modestly increase PPD's already high debt/EBITDA.

However, Moody's said it expects the company's operating performance to continue to be strong and liquidity will remain good.

The stable outlook is also unchanged.

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