S&P: Sterling Intermediate view to stable

S&P said it revised the outlook on Sterling Intermediate Corp. to stable from negative and affirmed all its ratings on the company.

“The outlook revision reflects improved credit metrics stemming from restructuring actions in 2018. Following several quarters of customer attrition and operating underperformance, Sterling initiated a corporate restructuring and turnaround plan aimed at improving the technology behind its offerings, revamping its go-to-market strategy, closing the competitive gap between itself and other leading players, and stemming customer attrition rates,” said S&P in a press release.

As a result of these efforts, Sterling was able to cut its leverage to 7x as of Sept. 30 from the high 8x range in fiscal year 2018.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.