Moody's changes Owens & Minor view to stable

Moody's Investors Service said it changed the outlook to stable from negative and affirmed the ratings of Owens & Minor Inc., including B3 rating on the senior secured credit facilities and notes. Concurrently, Moody's upgraded the speculative grade liquidity rating to SGL-3 from SGL-4, signifying adequate liquidity.

The ratings affirmation, outlook revision and upgrade of the SGL rating all reflect an improved liquidity outlook, the agency said.

“Owens & Minor completed the sale of its European logistics business, Movianto, for $133 million, the proceeds from which will be applied to debt reduction. The rating actions also reflect an improvement in financial covenant headroom and a reduction in refinancing risk, following the repayment of a portion of the 2021 maturities with disposal proceeds and internally generated cash,” Moody’s said in a press release.

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