Moody’s downgrades CDRH Parent

Moody’s Investors Service said it downgraded CDRH Parent, Inc.’s corporate family rating to Caa3 from Caa1, and probability of default rating to Caa3-PD from Caa1-PD, as well as senior secured first lien term loan and revolver to Caa2 from B3.

Moody’s also downgraded the rating for the company’s second-lien term loan to Ca from Caa3.

CDRH does business as Healogics.

“The downgrades reflect our expectation that Healogics will continue to face declining volumes in wound care centers and hyperbaric oxygen treatment, as well as ongoing pressure on operating margins, resulting in an eroding credit profile and elevated risk of default over the forward period,” said Vladimir Ronin, Moody’s lead analyst for the company, in a press release.

The outlook is stable.

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