S&P revises Navicure view to positive

S&P said it affirmed its B- issuer credit rating on Navicure Inc. and revised the outlook to positive from stable.

At the same time, S&P affirmed its B issue-level rating and 2 recovery rating to Navicure's first-lien credit facility. The 2 recovery rating indicates expectations for meaningful (70%-90%; rounded estimate: 70%) recovery in the event of a default.

S&P also affirmed the CCC issue-level rating and 6 recovery rating to Navicure's second-lien term loan. The 6 recovery rating indicates expectations for negligible (0%-10%; rounded estimate: 0%) recovery in the event of a default.

“The outlook revision reflects our view that Navicure has successfully progressed in its integration of its Zirmed acquisition in October 2017, which doubled Navicure's size. The level of success with integration has exceeded our expectations,” S&P said in a news release.

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