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S&P revises Zimmer Biomet view to negative
S&P said it affirmed its BBB ratings on Zimmer Biomet Holdings Inc. and its senior unsecured debt and revised the outlook to negative from stable.
“The outlook revision reflects our view that Zimmer Biomet Holdings Inc.'s high exposure to deferrable procedures introduces significant risk to its 2020 operating performance, now that the Covid-19 pandemic has spread globally,” S&P said in a news release.
The negative outlook reflects a risk that a severe and prolonged pandemic could materially affect Zimmer's operating performance and keep leverage above 3.75x for an extended period of time, the agency said.
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