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Thursday, Mar 28, 2024
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Moody’s Downgrades Credit Rating for Millennium Health

Rancho Bernardo-based Millennium Health had its credit rating downgraded by rating agency Moody’s, the second time in five weeks that the outlook for the nation’s largest drug-testing company has slipped.

Moody’s dropped Millennium’s ratings from B2 to Caa2, defined as being “subject to very high credit risk.” The agency cited the company’s “significant debt load” and said a large monetary settlement coupled with a change in government reimbursement did not bode well.

Moody’s cited both a looming change in how Medicare reimburses companies such as Millennium for urine tests and an expected settlement with the federal government over allegations that the company improperly billed the government for drug tests.

Millennium Health, which changed its name last September from Millennium Laboratories, employs 1,300 people including 800 in San Diego.

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