Moody’s revises Illumina outlook to stable from negative on divestiture

Moody’s Ratings yesterday affirmed the Baa3 issuer rating and senior unsecured ratings of Illumina and revised the outlook to stable from negative. The revision of the outlook to stable reflects “reduced negative pressure” on Illumina’s credit profile because of the pending separation of Grail, the rating agency said in a statement. Moody’s anticipates the separation will be “materially deleveraging” for Illumina.