Moody’s ups INC Research, rates loans Ba3

Moody's Investors Service said it upgraded the corporate family rating of INC Research, LLC to Ba3 from B1 and assigned a Ba3 to the proposed senior secured credit facilities.

Concurrently, Moody's assigned a speculative grade liquidity rating of SGL-1 (signifying very good liquidity) and changed the outlook to stable from positive.

Proceeds, along with cash on hand, will be used to refinance INC's existing credit facility and for a one-time $150 million share repurchase. The repurchase is being done in conjunction with a secondary offering of shares by INC's private equity owners, Avista Capital Partners and Ontario Teachers' Pension Plan, which will collectively own about 67% of shares after the secondary offering.

Moody’s said the upgrade reflects its expectation that INC will continue to grow revenue and EBITDA by at least the mid to high single digits, benefitting from continued strong business execution and favorable trends in the contract research organization industry.

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