ICON Secures Upgraded Credit Rating from Moody’s Investors Service
December 07 2023 - 4:15PM
Business Wire
ICON plc (NASDAQ: ICLR), a world-leading healthcare
intelligence and clinical research organization, today announced
that Moody's Investors Service ("Moody's") upgraded all of ICON
plc’s instrument ratings to Baa3 with a stable outlook. This
reflects the stronger credit profile of the ICON Group, which
Moody’s now views as comparable in aggregate to Baa3 peers. The
Baa3 rating of all the instruments reflects Moody’s view that the
ICON Group has reached an investment grade financial profile.
Moody’s highlighted in their report that the upgrade of the debt
instruments reflects “Moody’s expectation of ICON’s continued good
operating performance and conservative financial strategy and risk
management policies, a governance consideration under Moody’s ESG
framework, and key to the rating action”.
Brendan Brennan, ICON’s Chief Financial Officer, commented: “We
are proud of the investment grade rating upgrade from Moody’s,
which goes alongside our recent upgrade from S&P and is aligned
with our stated long-term capital allocation priorities for ICON.
These upgrades and the strong financial position of the company
should enable a re-structuring of our overall debt allowing us to
significantly reduce our interest cost going forward.”
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 41,150 employees in 106
locations in 53 countries as at September 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.
ICON/ICLR-F
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Kate Haven Vice President Investor Relations +1888 381 7923
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