Press release
ICON Secures Upgraded Credit Rating from Moody’s Investors Service
DUBLIN--(BUSINESS WIRE)-- ICON plc (NASDAQ: ICLR), a world-leading healthcare intelligence and clinical research organization, today announced that Moody's
About this update from Icon Plc
[{"type":"text","content":" DUBLIN--(BUSINESS WIRE)--\nICON 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.\n\n\nMoody’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”.\n\n\nBrendan 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.”\n\n\nAbout ICON plc\n\n\nICON 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.\n\n\nThis 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 ...