Harlan Laboratories, Inc. -- Moody's lowers Harlan Labs' PDR to D-PD; will withdraw all ratings

New York, May 16, 2014 -- Moody's Investors Service affirmed the Caa2 Corporate Family Rating of Harlan Laboratories, Inc. ("Harlan") and lowered the Probability of Default Rating (PDR) to D-PD from Caa3-PD. Moody's also withdrew the Caa2 rating on the senior secured term loan and changed the outlook to stable from negative. The rating actions follow the acquisition of Harlan by BPA Holdings, Inc. (doing business as Huntingdon Life Sciences (not rated)) and the termination of the $280 million senior secured term loan that Moody's had rated. Concurrently, Harlan's lenders consented to exchange their term loan for debt in the new, combined company. The lowering of the PDR reflects Moody's view that this transaction constitutes a distressed exchange.

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