Moody's upgrades Syneos

Moody's Investors Service said it upgraded the ratings of Syneos Health, Inc., including the corporate family rating to Ba2 from Ba3 and the senior unsecured ratings to B1 from B2. Concurrently, Moody's affirmed the Ba2 senior secured credit facility ratings. There is no change to Syneos' SGL-1 speculative grade liquidity rating.

"The ratings upgrade reflects material growth of Syneos' scale and service offering coupled with ongoing improvement in the company's credit metrics," stated Vladimir Ronin, Moody's lead analyst for the company, in a press release.

"While over the last couple of quarters Syneos has experienced significant reduction in enterprise value, in large part due to meaningful decline in book-to-bill ratio within the clinical solutions segment, Moody's expects Syneos will stabilize the metric and deliver at least mid-single digit earnings growth over the next 12-18 months. In addition, despite recent weakness in the share price, Moody's anticipates that the company will maintain a conservative financial policy," continued Ronin.

The outlook is stable.

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