Moody's lifts Carestream Dental

Moody's Investors Service said it upgraded Carestream Dental Equipment, Inc.'s corporate family rating to B2 from B3, probability of default rating to B2-PD from B3-PD and senior secured first-lien credit facility ratings to B1 from B2.

“The upgrade reflects the company's moderating financial leverage as Moody's expects the company's debt/EBITDA will be around five times in the second half of 2021 from approximately six times for the LTM period ended March 31, 2021. Carestream Dental has recovered from disruptions caused by Covid-19 following the cancellation of most dental visits in March and April 2020 associated with related lockdowns. Revenues and earnings began to recover in the second half of 2020 and this trend has continued in 2021,” the agency said in a press release.

The upgrade also reflects expectations for healthy free cash flow generation in excess of $60 million annually.

The outlook remains stable.

© 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.