ICON Secures Upgraded Credit Rating from S&P Global Ratings
October 12 2023 - 9:07AM
Business Wire
ICON plc (NASDAQ: ICLR), a world-leading healthcare
intelligence and clinical research organization, today announced
that S&P Global Ratings (S&P) upgraded ICON to an
investment grade credit rating of BBB- with a stable outlook, based
on operating performance and deleveraging.
S&P upgraded ICON from a ‘BB+’ rating to a ‘BBB-’, raising
their long-term issuer credit rating and their issue rating on the
group’s senior secured term debt.
S&P highlighted in their report, “ICON’s solid operating
performance and voluntary debt prepayments improve credit metrics
to a level commensurate with an investment-grade rating”. S&P
also cite the expansion of scope with existing clients, and
profitability benefitting from realized cost synergies relating to
the successful integration of PRA Health Sciences together with
continued disciplined cost management by ICON as additional
rationale to support their upgrade.
Brendan Brennan, Chief Financial Officer, commented: “We are
proud of the investment grade rating upgrade from S&P, which is
aligned with our stated long-term capital allocation priorities for
ICON, and indicative of the strong financial position of the
company. Achieving this milestone reflects continued focus on
strong cost management and the realization of the operational
benefits following the successful integration of PRA Health
Sciences”.
About ICON plc
ICON plc is a world-leading healthcare intelligence and clinical
research organization. From molecule to medicine, we advance
clinical research providing outsourced services to pharmaceutical,
biotechnology, medical device and government and public health
organizations. We develop new innovations, drive emerging therapies
forward and improve patient lives. With headquarters in Dublin,
Ireland, ICON employed approximately 41,160 employees in 108
locations in 53 countries as at June 30, 2023. For further
information about ICON, visit: www.iconplc.com.
This press release contains forward-looking statements. These
statements are based on management's current expectations and
information currently available, including current economic and
industry conditions. These statements are not guarantees of future
performance or actual results, and actual results, developments and
business decisions may differ from those stated in this press
release. The forward-looking statements are subject to future
events, risks, uncertainties and other factors that could cause
actual results to differ materially from those projected in the
statements, including, but not limited to, the ability to enter
into new contracts, maintain client relationships, manage the
opening of new offices and offering of new services, the
integration of new business mergers and acquisitions, the impact of
COVID-19 on our business, as well as other economic and global
market conditions and other risks and uncertainties detailed from
time to time in SEC reports filed by ICON, all of which are
difficult to predict and some of which are beyond our control. For
these reasons, you should not place undue reliance on these
forward-looking statements when making investment decisions. The
word "expected" and variations of such words and similar
expressions are intended to identify forward-looking statements.
Forward-looking statements are only as of the date they are made
and we do not undertake any obligation to update publicly any
forward-looking statement, either as a result of new information,
future events or otherwise. More information about the risks and
uncertainties relating to these forward-looking statements may be
found in SEC reports filed by ICON, including its Form 20-F, F-1,
F-4, S-8, F-3 and certain other reports, which are available on the
SEC's website at http://www.sec.gov.
Source: ICON plc
ICON/ICLR-F
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version on businesswire.com: https://www.businesswire.com/news/home/20231012433612/en/
Kate Haven Vice President Investor Relations +1888 381 7923
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