Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Quest Diagnostics IncorporatedGlobal Credit Research - 03 Feb 2021New York, February 03, 2021 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Quest Diagnostics Incorporated and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on 1 February 2021 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since 1 January 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion.This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.Key rating considerations are summarized below.Quest Diagnostics Incorporated's ("Quest") Baa2 senior unsecured rating is supported by the company's significant scale and leading position in the stable and highly fragmented U.S. laboratory sector. Quest has a long track record of maintaining modest financial leverage and generating stable cash flows. The rating is further supported by the essential nature of its clinical laboratory services. The rating is constrained by Quest's near-total concentration in the US lab sector, which will continue to be challenged by low volume growth and pricing pressure. In 2020, a strong demand for Covid testing has more than offset the decline in base testing volumes and resulted in a material improvement in financial leverage.This document summarizes Moody's view as of the publication date and will not be updated until the next periodic review announcement, which will incorporate material changes in credit circumstances (if any) during the intervening period.The principal methodology used for this review was Business and Consumer Service Industry published in October 2016. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.This announcement applies only to EU rated, UK rated, EU endorsed and UK endorsed ratings. Non EU rated, non UK rated, non EU endorsed and non UK endorsed ratings may be referenced above to the extent necessary, if they are part of the same analytical unit.This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history. Jean-Yves Coupin Vice President - Senior Analyst Corporate Finance Group Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 Jessica Gladstone, CFA Associate Managing Director Corporate Finance Group JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 Releasing Office: Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. 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