Moody's affirms Quintiles

Moody's Investors Service said it affirmed the ratings of Quintiles Transnational Corp., including the B1 corporate family rating, the B3 subordinated debt rating and the Caa1 rating on senior discount notes issued by Pharma Services Intermediate Holding Corp.

Moody's said the rating actions follow Quintiles announcement that it has monetized its Cymbalta royalty rights through a financing transaction and utilized proceeds to repay in full $154 million of its outstanding term loan B balance.

The agency noted the rating action also incorporates the recent sale of Quintiles early development and packaging business for $124 million in cash, earlier reduction of term loan B balances and favorable business trends.

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