Fitch cuts Cordis

Fitch Ratings said it downgraded Bayou TopCo, Inc. and Bayou Intermediate II, LLC's (Cordis) long-term issuer default ratings to B+ from BB-.

Fitch also downgraded Bayou Intermediate II's first-lien revolving credit facility and first-lien term loan to BB/RR2 from BB+/RR1.

The ratings were removed from rating watching negative.

The outlook is negative.

“The rating downgrade and negative outlook reflect leverage and free cashflow are expected to be negatively impacted by material operating headwinds over the rating horizon,” the agency said in a news release.

“Over the longer term, Fitch believes business fundamentals are intact and stable; however, it could take longer to achieve normalization than Fitch had previously anticipated.”

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