Moody's eyes WellDyneRX for downgrade

Moody's Investors Service said it placed WellDyneRx, LLC’s ratings under review for downgrade, including the B3 corporate family rating and the B2 senior secured rating. The outlook is revised to under review from stable. The co-borrowers under the credit facility are U.S. Specialty Care, LLC, Clearview Procurement, LLC and WellCard, LLC.

“The review reflects Moody's view that refinancing risk has increased following a 30-day extension of the revolving credit facility which was due Feb. 16, 2022, and based on the August 2022 maturity of WellDyne's term loan. Governance considerations are material to the rating action. In the absence of refinancing of its capital structure, WellDyne's ratings face downward pressure,” the agency said in a press release.

Moody’s said its review will consider management's strategy to improve near-term liquidity together with recent operating performance and the outlook for cash generation and financial leverage over the next 12-18 months.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.