S&P upgrades Quintiles

Standard & Poor's said it reviewed the ratings on Quintiles Transnational Corp., which was under observation after the recent publishing of its revised criteria.

The agency said it expedited the review because of the company's announced debt issue.

With our review of company complete, S&P said it is raising the corporate credit rating to BB from BB-.

The outlook is stable.

The agency also said it raised the ratings on Quintiles' existing and proposed senior secured credit facilities to BB from BB- to reflect the upgrade.

The 4 recovery ratings are unchanged, indicating 30% to 50% expected default recovery.

The upgrades reflect the impact of financial sponsor ownership on Quintiles' credit profile, S&P said.

While the assessment of its financial risk remains constrained at aggressive due to the presence of partial sponsor ownership and some uncertainty regarding financial policy and long-term leverage targets, the agency said its criteria no longer places further constraints on the ratings of sponsor-owned companies.

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