Fitch cuts Owens & Minor to BB

Fitch Ratings said it downgraded Owens & Minor, Inc.'s long-term issuer default rating and senior unsecured notes to BB from BB+ and placed the rating on rating watch negative.

Fitch said the downgrade reflects the outlook for weaker operating performance due to heightened competition and accelerating pricing pressure.

Resolution of the rating watch will depend upon the outcome of several expected near-term developments, including the final terms of Owens & Minor’s financing plan for the pending acquisition of the S&IP business of Halyard Health, Inc. and the 2018 outlook for Owens & Minor’s core business, Byram Health and the pending S&IP acquisition, the agency explained.

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