S&P lowers Mirion view to negative

Standard & Poor’s said it revised the outlook on Mirion Technologies Inc. to negative from stable and affirmed its B corporate credit rating.

The agency also said it affirmed the B rating on Mirion Technologies (Finance) LLC and Mirion Technologies’ first-lien credit facility.

The 3 recovery rating is unchanged, indicating 50% to 70% expected default recovery.

S&P also said it affirmed the B- rating on the company’s $65 million second-lien term loan. The 5 recovery rating is unchanged, indicating 10% to 30% expected default recovery.

Mirion’s leading position and long-term revenue visibility are expected to help it restore its credit measures to levels supportive of its current rating by 2017, the agency said.

S&P said it now expects the company’s debt-to-EBITDA ratio, which now exceeds 6.5x, to remain at more than 6x through 2017.

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