New York, January 25, 2013 -- Moody's Investors Service commented that Pharmaceutical Product Development, LLC's and Jaguar Holding Company II's (collectively, "PPD") proposed amendment to the senior secured term loan has no impact on the company's B2 Corporate Family Rating or stable outlook. Existing debt ratings will also remain unchanged. Moody's notes, however, that the proposed amendment is modestly credit positive as it aims to reduce pricing on the term loan. This will reduce interest expense and result in improved interest coverage and cash flow. Please go to www.moodys.com for more detail in the Issuer Comment.

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