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S&P: PSS outlook positive
Standard & Poor's said it revised its outlook on PSS World Medical Inc. to positive from stable and affirmed its ratings, including the BB corporate credit rating.
The agency said the outlook revision reflects PSS' solid operating performance and S&P's growing comfort that the company will maintain its less aggressive financial risk profile.
The BB rating reflects the company's narrow operating focus as a niche distributor of medical products to alternate-site health-care providers, the potential negative impact of the U.S. economy on its customers and the potential for a more aggressive share repurchase or acquisition strategy, S&P said.
Partially offsetting these concerns are PSS' leading position in its niche markets, identifiable opportunities for sales growth and improved profitability and significant supplier and client diversity, the agency said.
The lease-adjusted debt-to-EBITDA ratio is about 4 times.
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