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Fitch downgrades Quorum
Fitch Ratings said it downgraded the long-term issuer default rating for QBS Parent, Inc. (Quorum) to CCC+ from B- and its first-lien secured revolver and term loan to B-/RR3 from B+/RR2.
“The CCC+ rating reflects concerns about the company's negative FCF generation in 2022 and Fitch's forecast for negative FCF to continue. The rating also reflects Quorum's limited liquidity and upcoming term loan maturities. While the company's renewal rates and ability to modestly increase prices should help revenues, it would need to significantly expand EBITDA margins beyond the mid-20's to reverse the negative FCF trend,” the agency said in a press release.
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