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S&P downgrades Median
S&P said it trimmed its ratings for Median BV and its bank debt to B- from B.
“We forecast Median's credit metrics will weaken due to lower-than-expected occupancy and some pressure from a shortage of medical personnel. In our view, Median's operations are still pressured by disruptions to the healthcare market in the aftermath of Covid-19, in particular in Germany, where pandemic-related measures in hospitals remain strict,” S&P said in a press release.
The agency said it forecasts Median’s S&P Global Ratings-adjusted EBITDA margin will weaken to 18%-19% over the next two years, which will result in an adjusted debt to EBITDA of above 7.5x and a fixed charges coverage ratio below 1.5x.
The outlook is stable.
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