Patheon N.V. -- Moody's affirms DPx Holdings' CFR at B3, downgrades credit facilities and notes. Outlook stable.

New York, August 04, 2016 -- Moody's Investors Service, ("Moody's") announced today that it affirmed the B3 Corporate Family Rating (CFR) and B3-PD Probability of Default Rating (PDR) of DPx Holdings B.V. ("Patheon", the primary operating subsidiary of Patheon N.V.). Moody's also changed the rating outlook for Patheon to stable from negative. This follows its parent company's use of proceeds from a recent initial public offering to pay off PIK toggle notes previously issued by a holding company. Moody's assigned a Speculative Grade Liquidity Rating of SGL-2, reflective of the company's good liquidity profile. The affirmation of the CFR and PDR reflects both the immediate improvement in Patheon's credit metrics and Moody's expectation that the company will remain an active acquirer in the consolidation of contract development and manufacturing organizations (CDMOs).

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