S&P shifts Numotion view to negative

S&P said it revised the outlook for NMN Holdings III Corp. (Numotion) to negative from stable and affirmed the B ratings on the company and its first-lien debt.

“Adjusted leverage of about 10x as of the 12 months ending June 30, 2021, and negative free operating cash flow of about $11.5 million in the first half of 2021 suggest a higher risk that the company may not meet our base-case forecast. Such metrics are weaker than our previous assumptions for the full year of 2021,” S&P said in a press release.

The outlook indicates Numotion’s financial metrics, leverage and cash flow, may stay weaker than the agency’s base-case forecast, especially given the uncertainty from the pandemic, S&P said.

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