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S&P lowers Owens & Minor
S&P said it lowered Owens & Minor Inc.’s ratings to B- from B on weaker-than-expected guidance.
The outlook is negative.
“Owens & Minor Inc. (OMI) guided to revenue and EBITDA declines in 2020 and we now project free cash flow generation to debt of about 2% in 2020, less than we previously expected,” the agency said in a news release.
“The operational shortfall outweighs recent positive developments from a credit agreement amendment and proposed debt paydown.”
S&P also lowered the issue-level rating for the credit facility to B- from B. In light of a new accounts receivable facility, the agency revised the recovery rating on the existing secured debt to 4 from 3, reflecting an expectation for average (30%-50%; rounded estimate: 40%) recovery in the event of a payment default.
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