Moody’s lifts IMS Health loans, notes

Moody's Investors Service said it upgraded IMS Health Inc.'s corporate family rating to Ba3 from B1, probability of default rating to Ba3-PD from B1-PD, senior secured credit facilities to Ba2 from Ba3 and senior unsecured notes to B2 from B3.

The outlook is stable.

Moody’s said the upgrade of IMS' corporate family rating reflects its expectations for strong free cash flows, on the order of at least $400 million annually as a result of lower interest expense and continued strong, low-30% EBITDA margins, which may expand from ongoing cost-reduction efforts. The agency anticipates some acquisitions to support modest organic growth in revenues, which otherwise should increase in the range of 3% or 4% annually.

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