Moody's revises Zimmer Biomet view to negative

Moody's Investors Service said it affirmed Zimmer Biomet Holdings, Inc.'s Baa3 ratings and revised the outlook to negative from stable.

“The outlook revision reflects Moody's expectations that guidance from various public health authorities and physician associations is likely to lead to a meaningful decline in elective procedures as treating Covid-19 patients will be a priority. Moody's believes that many types of orthopedic procedures, such as knee and hip replacements, will likely be considered elective and therefore will be deferred. The impact is difficult to quantify as it will depend on the breadth and duration of the health crisis,” said Moody’s in a press release.

Moody's said it expects a sizable decline in elective procedures in the second quarter, with sequential improvement over the course of the year.

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