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Announcement: Moody's announces completion of a periodic review of ratings of Phoenix Guarantor Inc. New York, March 21, 2019 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Phoenix Guarantor Inc. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review 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.
Moody's Investors Service commented that Phoenix Guarantor Inc.'s bolt-on acquisition of a regional provider of institutional pharmacy services raises integration risk, a credit negative. For additional information please refer to Moody's Issuer Comment on Phoenix Guarantor Inc. available on www.moodys.com.
Moody's Investors Service ("Moody's") assigned a B2 Corporate Family Rating (CFR) and B2-PD Probability of Default Rating to Phoenix Guarantor, Inc. ("PGI"). Moody's also assigned a B1 rating to the company's proposed senior secured first lien credit facilities and a Caa1 rating to its secured second lien credit facility.
Moody's Investors Service ("Moody's") placed the ratings of PharMerica Corporation ("PharMerica"), including the B2 Corporate Family Rating (CFR), under review for downgrade. This follows the announcement that Pharmerica, majority owned by Kohlberg Kravis and Roberts & Co. LP (KKR), will be merged with BrightSpring Health Services ("BrightSpring", unrated). The continued relationship with Walgreens Boots Alliance, Inc. ("Walgreens"), following the merger, will be a positive consideration.