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S&P cuts Genesis Care
S&P said it downgraded Genesis Care Pty Ltd. and its term loans to CCC+ from B.
“GenesisCare's financial performance and cash flow generation have been much weaker than we expected since the company's acquisition of 21st Century Oncology in 2020. Patient volumes in the U.S. remain sluggish due to the impact of Covid-19 and strong competition. Earnings growth from the U.S. business has been much weaker than we anticipated. Reflecting this, GenesisCare's adjusted ratio of debt to EBITDA was about 17x as of June 30, 2021, compared with our previous forecast of 12x-13x,” S&P said in a press release.
The agency said it projects GenesisCare's leverage to stay above 10x in 2022.
The outlook is stable.
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