S&P lowers MyEyeDr.

S&P said it downgraded its ratings for MED ParentCo LP (MyEyeDr.) to B- from B.

The agency had previously forecasted pro forma debt to EBITDA declining to the low 7x area by 2020, but the effects of the pandemic led S&P to revise its forecast.

“We now expect leverage will be well above our previous downgrade threshold of 8x at year-end 2020 as a result of the pandemic-related store closures and cash burn. We also think the company’s acquisition strategy will lead to some volatility in its operating performance as the timing of expected cost savings from acquired units remains uncertain,” S&P said in a press release.

The outlook is negative.

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