London, 20 July 2015 -- Moody's Investors Service (Moody's) has today assigned a provisional (P)B2 corporate family rating (CFR) to Ephios Holdco II PLC (Ephios), the top entity of the restricted group which will include Labco S.A. (Labco) and synlab Holding GmbH (Synlab), which combined will be the leading European clinical laboratory services group. Concurrently, Moody's has (i) withdrawn provisional (P)B2 CFR at Ephios Bondco PLC, (ii) assigned a provisional (P)Caa1 (LGD6) rating to the proposed EUR375 million senior unsecured notes to be issued by Ephios Holdco II PLC, (iii) upgraded to (P)B2 (LGD4) from (P)B3 the rating of EUR1,475 million senior secured notes at Ephios Bondco PLC (including EUR800 million outstanding notes issued to acquire Labco and EUR675 million proposed tap). The rating outlook on Ephios' rating is stable.

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