S&P revises Ortho-Clinical Diagnostics view to stable

S&P said it affirmed its B- issuer credit rating on Ortho-Clinical Diagnostics Bermuda Co. Ltd. and revised the outlook to stable from positive.

S&P also affirmed the B- issue-level rating on the senior secured credit facility and the CCC issue-level rating on the senior unsecured notes. The 3 and 6 recovery ratings are unchanged.

“The outlook revision follows Ortho's first full year as a separate entity from Johnson & Johnson, during which the company saw moderate improvements to operating performance but did not reach our base-case expectations,” S&P said in a news release.

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