Fitch pares Bayou Intermediate II

Fitch Ratings said it downgraded Bayou Intermediate II, LLC's (Cordis Corp.) long-term issuer default rating to B from B+ and first-lien revolving credit facility and first-lien term loan to BB-/RR2 from BB/RR2.

The outlook remains negative.

“The downgrade and negative outlook reflect more adversely impacted leverage and free cash flow in recent periods above Fitch's previous expectation. This is mostly due to FX headwinds, significant working capital requirements, and a slower realization of cost savings. The company completed its separation on July 1, 2023, and Fitch anticipates FCF to improve as Cordis begins to operate as an independent entity,” the agency said in a press release.

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