Moody’s upgrades Owens & Minor

Moody’s Investors Service said it raised Owens & Minor, Inc.’s ratings, including its corporate family rating to B1 from B2 and its probability of default rating to B1-PD from B2-PD.

Moody’s also upgraded the senior secured credit facilities and notes to B1 from B2. The speculative grade liquidity rating was upgraded to SGL-1 from SGL-2, signifying very good liquidity. The outlook remains positive.

“The upgrade of the CFR and positive outlook reflects a material reduction in leverage following over $500 million of debt reduction inclusive of the proceeds from follow-on equity issuance in October 2020, and continued improvement in operating performance. Pro forma adjusted debt/EBITDA approximated 3.6x for the 12 months ended Sept. 30, 2020, versus 6x for the 12 months ended June 30, 2020,” the agency said in a press release.

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