Moody's changes Avalign view to negative

Moody's Investors Service said it changed Avalign Holdings Inc.'s outlook to negative from stable.

“The change of outlook to negative reflects Moody's expectation of a moderate decline in revenue and cash flow in the coming quarters due to the postponement of elective procedures. Avalign's business portfolio relies heavily on orthopedic implants and instruments that will see a temporary decline in demand due to Covid-19 outbreak,” Moody’s said in a press release.

At the same time, Moody's affirmed the company's B3 corporate family rating, the B3-PD probability of default rating and the B2 ratings of the senior secured first-lien term loan and revolving credit facility.

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